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Despite Prime Minister's denial, Crane Currency reportedly gets €54 million loan guarantee

The Prime Minister had categorically denied that Crane Currency was offered a loan guarantee but more recent media reports of a €54 million loan guarantee have not been refuted

miriam
Miriam Dalli
19 December 2016, 1:26pm
Prime Minister denies government would guarantee Crane Currency's loan
Malta Enterprise and the government have committed to guarantee 75% of a loan of €72 million – roughly €54 million – which will be given to leading American currency printer Crane Currency, according to the Sunday Times of Malta.

According to the newspaper, the government will also be financing the €27 million factory in Hal Far.

The media report has not been denied by the government, even though Prime Minister Joseph Muscat had told MaltaToday that Crane Currency had not benefitted from some special treatment.

Construction work on the Malta branch of Crane Currency, a major banknote printing firm that has been hailed as the single greatest investment by a manufacturing company in the island since the 1980s, officially started earlier this month.

Addressing the ceremony at Hal Far, Muscat had said that construction works will last until the end of 2017, with an opening date scheduled for midway through 2018.

The company is expected to employ some 500 people at its €100 million facility.

Questioned by MaltaToday on the day of the launch, Muscat vehemently denied that the government had offered the Americans a loan guarantee – or any other special fiscal incentives – to encourage them to invest in Malta.

“Absolutely not,” Muscat replied on a possible loan guarantee.

He added that the American company was receiving the same incentives which Malta Enterprise and Malta Industrial Parks offer other companies: “There is no particular deal which does not exist with other companies.”

The Sunday Times of Malta said that both Malta Enterprise and the government have officially declined to give any information on the incentives, citing confidentiality. The newspaper however reported that “similar deals have been entered into in the past years, including with Lufthansa Teknik”.

miriam
Miriam Dalli joined MaltaToday.com.mt in 2010 and was assistant editor fr...
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