Malta expected to receive €41 million in additional EU funds to alleviate the impact of Brexit
Due to the UK leaving the European Union, the European Commission has allocated € 5 billion to help member states adapt to this new reality. Malta is expected to receive € 41 million with the Government insisting that this fund be used as soon as possible, to alleviate the economic burden that many businesses adversely affected by Brexit, will face.
It is being proposed that these funds be used for initiatives that go beyond the € 2 billion plus package and the 25 million that Malta will be receiving in European funds over the next seven years. Television Malta is informed that this figure is not final and could change.
The EU has allocated € 5 billion to this fund and the sum that each member state will receive is based on its individual economic relationship with the United Kingdom, including the sale of goods and services as well as fishing in waters exclusive to the UK area. According to a document issued by the European Commission, it appears that the three countries that will benefit most from this fund are Ireland, the Netherlands and Germany.
A spokesperson for the Parliamentary Secretariat for European Funds in the Prime Minister’s Office said that Member States are insisting that this fund be used imminently and the European Commission itself is considering the creation of this fund as a very important tool that will provide financial support to mitigate the negative repercussions of Brexit in the countries most affected by the UK’s exit from the European Union.
However the spokesperson said that discussions on the proposed funds have just begun and have yet to go through the scrutiny of the European Institutions and the approval of the European Parliament. She also said that talks are underway on the areas in which these funds will be able to be spent both in Malta and in all Member States.
The first payment is planned to be made this year and the rest of the funds will be given in another 3 years.