Over 1,000 Maltese and Gozitan businesses have benefitted from EU funds, most of which are small and medium enterprises, amounting to a total injection of €73million.

The announcement was made by Parliamentary Secretary for European Funds, Stefan Zrinzo Azzopardi during a visit to start-up company Gozo Distillers Ltd, which is one of several local businesses that benefited from funding.

Mr Zrinzo Azzopardi said that companies that benefitted from EU finds have the capital to invest in their companies, grow their operations and increase their competitive advantage both locally and internationally.

The direct injection of €73million has led to more economic growth, he added, making Malta’s economy stronger and more diversified to be able to compete in the international market.

The director of Gozo Distillers Ltd said the start-up wouldn’t have been possible without financial aid through European funds, which was a stepping-stone for them to reach their long term objective, that of distilling alcohol. Additionally, Gozo Distillers Ltd will support locals by purchasing raw materials from local agents in order to produce its own products.