“Water Services Corporation announces €310 million investment plan for the next 10 years…”

The Water Services Corporation has announced a national investment plan amounting to €310 million, which are to be spent over the next 10 years on several projects.

41% of the total investment derives from EU funds, it was said.

Minister for the Environment, Energy and the Regeneration of the Grand Harbour Miriam Dalli and Water Services Corporation CEO Karl Cilia launched the 2023-2033 National Investment Plan for Water and Wastewater Sector on Tuesday.

The comprehensive plan addresses critical challenges such as water scarcity, climate change, and the need for efficient wastewater management. It lays down a strategic framework for investments in water production, distribution, and wastewater treatment, aiming to meet the growing demands of the population and economy.

During a press conference, Energy minister Miriam Dalli said that the aim of this plan is to increase the country’s water supply, whilst improving quality and keeping the economic plan in mind.

Approved by the Cabinet, some of the projects in the plan include the regeneration of the water network, the renovation of several reservoirs, the upgrading of several reverse osmosis plants, the treatment of drainage and the introduction of micro tunnelling, amongst others.

Amongst other set goals for the plan, there is a target to increase new water production to 109 cubic kilometre per three days, from the current 75 cubic kilometre, and the harmonisation of water quality.

Cilia said that the Corporation is at a crucial moment in the management of water resources. “This plan is a proactive demonstration of our dedication to ensuring the highest standards of water quality and service. Our emphasis on technology and innovation will lead us to unprecedented levels of efficiency and sustainability.”

The 10-year plan ensures Malta’s alignment with European standards in water management and promotes the concept of a circular economy by encouraging resource recovery and the reuse of reclaimed water. With the support of the Ministry, the Corporation secured €126 million in EU funds to finance part of this plan.

MFSA launches public consultation on the national implementation of the EU’s Digital Operational Resilience Act

The Malta Financial Services Authority (MFSA) has launched a public consultation on the national implementation of the EU’s Digital Operational Resilience ACT (DORA), ahead of it becoming fully applicable by 17 January 2025, following a two-year implementation period which started in January 2023. The consultation exercise also covers the transposition of the EU Directive which aligns several directives within the financial services sector to the requirements of the DORA Regulation.

The DORA regulation forms part of the EU’s Digital Finance Package, which aims to develop a harmonised European approach to digital finance, fostering technological development while ensuring financial stability and consumer protection. The DORA Regulation is setting requirements for the security of network and information systems which are used to support business processes within financial entities. More specifically, this new Regulation introduces certain provisions for financial entities in the areas of ICT risk management, ICT-related incident management, classification and reporting, as well as digital operational resilience testing. Other provisions include voluntary information-sharing arrangements, and the management of ICT third-party risk, such as through the newly set up Oversight Framework of critical ICT-third party providers.

Alan Decelis, MFSA’s Head of Supervisory ICT Risk and Cybersecurity said,“ In an effort to raise the level of preparedness around DORA, the Authority has been actively engaging with the local financial services industry through several outreach initiatives in the past year, including a series of podcasts and the publication of circulars. This consultation is yet another touchpoint which will facilitate the sharing of feedback by all entities concerned, ensuring the successful implementation of the DORA Regulation on a national level.”

The MFSA encourages financial entities and other stakeholders to send in their views on the proposed legal measures required for the implementation of the DORA Regulation, as well as the transposition of the DORA Amending Directive by not later than 16 February 2024. The Consultation Document, relevant documentation and instructions for submission of feedback can be found on the MFSA’s website.

Malta Company Announcements:

RS2 p.l.c 

The company announced that it has signed a major processing outsourcing agreement with one of the largest acquirers in the United States. As per the agreement, RS2 Group will provide merchant payment processing technologies and services for a six-year term, with the option to renew. 

This is a milestone achievement, in line with RS2 Group’s growth strategy. Further details will be announced in due course. 

AX Real Estate p.l.c 

On 8 January 2024, AX Real Estate plc announced that the Board of Directors resolved to distribute a gross dividend of €4.06 million, equivalent to €0.0148 per share. All shareholders as at close of trading on Monday 15 January 2024 will receive the interim dividend on Wednesday 31 January 2024. 

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