“We must emerge more resilient for a more competitive Malta” – Malta Chamber

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Today marks an important step forward in our efforts to not only mitigate COVID-19 but more importantly emerge strongly and successfully out of the unprecedented situation we find ourselves in, said The Malta Chamber of Commerce President David Xuereb while opening an exclusive webinar for The Chamber members on the recently launched ‘BOV-MDB COVID Assist’.

In a statement issued on Friday David Xuereb said that today, as many businesses re-open, they have to make sure that with the right attitude and discipline, they take all necessary actions and precautions to safeguard each other and clients and to make this another courageous, yet important step in the right direction.

While addressing participants, Albert Frendo, Chief Credit Officer at the Bank of Valletta said that we understand the pressure that businesses are in and we will do whatever we can to help companies revive once again.

“As a Bank, we are also highly cognizant that even as precautionary measures are relaxed and as more businesses restart their operations, they will continue to require assistance to maintain healthy working capital,” stated Frendo.

During the webinar, Prof. Joseph Bonnici, Chairman of the Malta Development Bank, said that the MDB has invested its energy and resources to step in and shield the Maltese economy by implementing the COVID-19 Guarantee Scheme and the complementary Interest Rate Subsidy Scheme to ensure that cash flow keeps flowing to where it is needed at the best possible terms.

Prof. Bonnici also said that they have accelerated the accreditation process and increased the total number of accredited banks to eight to facilitate access to our businesses.

During the webinar, it was also mentioned how ‘Question Time by The Malta Chamber’ organised in collaboration with Bank of Valletta and the Malta Development Bank, provided businesses with details about the recently launched ‘BOV-MDB COVID Assist’, a financing scheme aimed at assisting local businesses facing disruptions due to COVID-19.

The webinar also provided insight into the eligibility and loan criteria, interest rates and the required documentation.

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