HSBC launched a €50 million trade fund, offering new funding to support business growth in Malta through international trade.

HSBC Malta Head of Commercial Banking Michel Cordina said this would serve as a platform to connect Maltese customers to global opportunities, encourage business growth and further the prosperity of the local economy.

"We will give our customers accessible funding to take advantage of international opportunities," Cordina said.

Addressing the launch, Prime Minister Joseph Muscat said the initiative would serve well for local business.

"HSBC's initiative complements the government's vision. We want to make Malta an important player in global economy. We cannot wait for Europe to recover, we will always look at the European Union as our home ground but we need to look beyond. Our country should have a global outlook," Muscat said.

Through this fund, companies will be eligible for a range of discounts and incentives, including capital to support their international trade, the waiving of administration feesfor finance against trade export or import, and discounts in pricing when upgrading from traditional overdrafts to Structured Trade Finance products.

During the presentation, HSBC Malta also launched a 'Why Malta?' video promoting Malta's and HSBC's role in supporting businesses. HSBC also offered a detailed country guide for conducting business in Malta.

HSBC Malta CEO Mark Watkinson said: "International trade is a critical component of Malta's history, its economy, and most importantly the country's future. We believe that Malta can build on its competitive trade advantage and its strategic location that bridges Europe with Africa and the rest of the world. As one of the world's largest international banks, HSBC can add real value to the Maltese economy.

"The bank is already instrumental in helping hundreds of Maltese businesses expand across borders. The addition of a €50 million fund as part of the Malta Trade for Growth initiative offers a significantly higher level of support to Maltese businesses."

Cordina said that to date, more than 500 companies have made enquiries into Malta Trade for Growth as they look to grow their business overseas and take advantage of incentives such as discounts on foreign currency transactions.