Gonzi pledges ‘development bank’ to help finance business start-ups

Speaking in Mosta at the end of a tour of businesses, the Prime Minister said that the Nationalist Party was pledging to set-up a development bank, which would provide 'seed capital' for business start-ups.

In his comments to the media, Gonzi said that the PN proposal is intended to stimulate further economic growth, and give those with ideas, the chance to start up a business.

Gonzi explained that the development bank idea will work hand-in-hand with the PN's proposals to grant two-years tax free, and government credited National Insurance contribution, for those under 25 years of age, who want to start a business.

"We are extending this scheme th those who have been seeking a job for more than five years, and to those over 45 years old," the Prime Minister said, adding that for Gozo, the scheme becomes even richer, as the tax exemption is extended to three years, while those who start a business in Gozo and employ at least two persons, will benefit from a €200,000 tax credit.

Asked about Labour leader Joseph Muscat's 'declaration of intent' earlier today, today that a new Labour government will be making public-private partnerships the favoured model for all government's infrastructural and social projects, in a presentation of his business proposals that included new tax cuts and incentives for start-ups and micro-businesses, the Prime Minister said that what Muscat failed to mention was that he was copying government's Budget proposals for 2013.

Gonzi also announced the imminent publication of the Legal notice which will put into effect what the PN had promised in the Budget, and what Labour was saying it was going to copy, exempting the payment of tax on property or business transfers from parents to their children.

As Gonzi walked along Mosta's main shopping street, and stopped to shake hands with residents, shop owners and passers-by, he was surprised by a British tourist who asked him when was it that he was to see to repairing the potholes in the roads.

The tourist was interrupted by the PN secretary-general Paul Borg Olivier who replied to the tourist, "but you still came to Malta did you?", while Mosta mayor Shirley Farrugia explained that her council was doing all it can, and with the resources it had to fix the roads.

Amid odd remarks from other passers-by who crossed the road to avoid coming face-to-face with the Prime Minister, a man shouted 'you clown' from a passing car while Gonzi was giving comments to the media, and an elderly woman who a friend to "hurry up" and cross the road to avoid getting "infected."

Gonzi was accompanied by health minister Joe Cassar, who skived being photographed with the Prime Minister as he shook the hands of a pastizzi shop owner. "That food is not good for anybody," Cassar said, adding the joke that who eats such food will soon become the State's client at Mater dei Hospital.