Support in preparation to participate in EU Invest
The Commission is supporting Malta in strengthening the organizational capacity, updating the procedures and processes of the Malta Development Bank (MDB) to meet the international standards and comply with the requirements of the EU Pillar Assessment process.
This support enables Malta to assess and strengthen its capacity in key areas, including accounting, compliance, independent external audit, internal control, procurement, risk management.
The support in view of the Pillar Assessment process is also a priority for the MDB in order to become an Implementing Partner under the InvestEU Fund in the Multiannual Financial Framework (MMF).
A Pillar Assessment is a complex process that requires a high level of expertise and the engagement of many experts from different fields.
Since the MDB began its operations in December 2017 and was going through the initial phase of recruitment, the installation of IT systems and ancillary services, this support was even more needed in order to pre-assess the main activities of the MDB and to propose some improvement on all deficiencies identified.
The programme provided expertise to help the MDB significantly develop and update a comprehensive, effective and reliable internal control system, risk management and risk control system and accounting system as well as ensure an effective information and communication system both internally and externally.
As a result of this project, Malta is performing internal reforms and adopting best practices.
The ultimate objective was to develop the appropriate technical expertise and to put into place a robust framework of policies and procedures to enable the MDB to go through the pillar assessment exercise successfully and to qualify as an implementing partner of the EU budget.
It is expected that the implementation of the results of the programme will allow Malta to participate in the Invest-EU Guarantee in 2023 and the MDB to have a better promotional role.