Bank of Valletta together with the European Investment Fund and the Maltese Government are piloting an innovative financing tool to assist individuals, enterprises and NGO’s invest in reducing their climate impact. The innovative features of the product entails combining a EU funded: (i) guarantee, (ii) interest rate subsidy and (iii) technical assistance into one financing tool.
This was stated by Mark Scicluna Bartoli, Head Product Development at Bank of Valletta during ‘Enterprise Innovation’, an event organised by Malta Enterprise in conjunction with the Malta Innovation Forum.
‘BOV structured the financing tool on three products targeting investments in mobility, buildings and enterprise addressing three of Malta’s main carbon dioxide emitting sectors. Eligible investments can include electric vehicles, charging stations, space heating and cooling, as well as numerous measures including insulation solutions and intelligent lighting solutions. For enterprises the product is also open to finance other energy-efficient investments that can justify a reduction in energy consumption and CO2 emissions.’ continued Mr Scicluna Bartoli. ‘We are inviting institutions to approach us with their ambitious climate projects and goals so that together we can accelerate climate action.’
BOV’s Energy Financing products benefit from a guarantee and interest rate subsidy, which covers the first 10 years of interest with the aim of providing an affordable, banking solution for business and personal customers to invest in energy-efficient solutions.
BOV customers are encouraged to discuss their environmentally friendly projects with our lending specialists deployed at BOV Branches or contact us via email on [email protected] or by calling +356 2275 1122.
The BOV Personal Energy Loan, the BOV Home Energy Loan and the BOV Business Energy Loan are financially supported by the Energy Efficiency and Renewable Energy Malta Fund (EERE) which is co-financed by the Republic of Malta and the European Union under the European Regional Development Fund (ERDF). The objective of this fund of funds and its first loss guarantee combined with an interest rate subsidy scheme is to support the access of the final recipients for their investments in energy efficiency and renewable energy measures.
All loans are subject to normal bank lending criteria and final approval from the Bank. The term of the loan must not go beyond retirement age. Issued by Bank of Valletta p.l.c. 58, Triq San Żakkarija, Il-Belt Valletta VLT 1130. Bank of Valletta p.l.c. is regulated by the MFSA and licensed to carry out the business of banking in terms of the Banking Act (Cap. 371 of the Laws of Malta)