Bank Of Valletta (BOV) Chairman Gordon Cordina has spoken of his pride at the bank once again being selected by the Malta Development Bank (MDB) to implement the largest-ever local fund for student financing to date.
BOV was selected to intermediate the Further Studies Made Affordable Plus (FSMA+) scheme, a financial instrument implemented by the MDB after securing EU funds from Malta’s European Social Fund (ESF) Operational Programme.
Through this scheme, ESF funds will serve as a guarantee for the creation of a loan portfolio of up to €15 million which will be made available as financing to students who wish to further their studies.
The agreement was signed by BOV Chief Retail Banking Officer Kenneth Farrugia and Malta Development Bank Chairman Prof. Josef Bonnici in the presence of BOV Chairman Dr Gordon Cordina, Parliamentary Secretary for European Funds Dr Stefan Zrinzo Azzopardi, Minister for the Economy and Industry Silvio Schembri, and Minister for Education and Sports Dr Clifton Grima.
“Education is a vital tool and all students should be able to access and finance their higher education as they proceed in their unique life journey,” Dr Cordina said.
“BOV is proud to have been selected by the Malta Development Bank to implement the largest fund for student financing to date, at even better rates than previous editions. The BOV Studies Plus+ is tailored to equip students with confidence in the decisions they are making to plan and pay for higher education which in turn will yield economic mobility and advancement for generations to come,” he continued.
The benefits of the BOV Studies Plus+ scheme include a moratorium during the study period, plus one year during which the student does not pay any interest, a longer repayment term, no collateral requirements and a low-interest rate during the remaining term of the loan. The interest on the loan during the moratorium period is fully subsidised thanks to EU funds made available by the Managing Authority through the MDB.
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