European funds being made available to SMEs through a Diversification and Innovation Grant Scheme are essential for the growth in operations and investment of new machinery carried out by local manufacturing SAW ltd.

Its manager, Mark Cassar, said the investment led to an increase in production, and allowed the company to reach new heights whilst improving its environmental footprint.

On a visit by the Parliamentary Secretary for European Funds, Stefan Zrinzo Azzopardi said that the scheme for diversification and innovation forms part of the European Fund of Business Enhance, which gives the opportunity to small and medium enterprises to grow their operations by incentivising further investment.

During his visit, Parliamentary Secretary Azzopardi announced that, for this fund, there are €50 million allocated in grants spread over different schemes.