Developers welcome Chinese MOU on Enemalta

The Malta Developers Association has welcomed a memorandum of understanding with a Chinese government-owned firm for a cash injection in the ailing national energy company.

"The MDA considers the agreement through which Enemalta Corporation will benefit from Chinese investment as a huge step forward so that the energy sector in Malta will be placed on a firm financial foundation leading to sustainability, while there will be no need for added burdens to be placed on the country's commercial sector.

"Thanks to this agreement, Enemalta Corporation's debt, which amounts to more than €800 million, will be reduced substantially and become more manageable, and as a result the energy sector will become a driver that assists the country's economic development instead of hindering it, as it is at present," the MDA said in a brief statement.