Ħal Far motorsport track will receive €16 million from golden passports fund

The Ħal Far motorsport race track will be largely financed through government's National Development and Social Fund, with €16 million allocated for the investment.

Two agreements were signed on Tuesday afternoon between the NDSF, SportMalta, and the Malta Motorsport Federation to secure the funding agreement.

The project will cost €20 million, of which €16 million will be financed through the NDSF, which receives money through Malta's golden passports scheme. 

Clifton Grima, Minister for Education and Sports, said that the NDSF's support for the project is proof that government sees sports as a central issue on the national agenda.

He added that the project caters foremost to sports enthusiasts who will be able to practice the sport in their home country.

Parliamentary Secretary Alex Muscat said that the project will create no less than 300 jobs, indicating a positive rate of return for the initiative.

He remarked that the project creates a level playing field, with many enthusiasts currently forced to practice the sport in Italy and England.

"The NDSF invests in what makes us Maltese and what has always brought us honour. It was created so that the wealth generated by foreign investment can funnel into the local community."

Duncan Micallef, President of the Malta Motorsport Federation, said that motorsports enthusiasts feel that they are finally being recognised by government. 

"With this signing we are now officially part of the investment," he said.

He praised government for always offering their full cooperation while working on the investment. "The work might not show yet, but I assure you that a lot of work is being done."