Cap. 325 Art. 24ASoft loans in connection with energy and water conservation.

(1) Where the Corporation is satisfied that in the case of a qualifying company or of a company which carries on or carries out, in Malta, a trade or business consisting mainly of the operation or management of a hotel or group of hotels, it would be consistent with the aims and objectives of the policy of the Government regarding energy and water conservation, the Corporation may grant loans to the said company for the acquisition of related plant, equipment, machinery and other fixed assets, but excluding land, and for the financing of the necessary civil engineering and infrastructural works, in accordance with the terms and conditions herein specified.

(2) The Corporation may grant loans as provided under subarticle (1) when the plant, equipment, machinery or fixed assets are acquired as part of an investment programme for the conservation of energy or water as may be approved by the Corporation.

(3) Loans under the provisions of this article shall in no case exceed thirty-three per cent of the projected investment programme for the conservation of energy or water as approved by the Corporation, but no loan shall exceed €465,874.68 or such other amount as may be prescribed.

(4) The rate of interest charged by the Corporation on loans granted under this article shall be the minimum discount rate in terms of directives issued from time to time by the Central Bank of Malta under the Central Bank of Malta Act, less two and a half percentage points: Provided that the provisions of this subarticle may only be applied by the Corporation when the said minimum discount rate is at an equivalent or higher level than two and half percentage points.

(5) The provisions of article 16(4), (5), (6), (7), (8), (9) and

(10) shall apply to loans granted by the mutatis mutandis Corporation under the provisions of this article.

(6) With effect from such date as may be determined by the * Minister by order in the Gazette , this article shall apply to all enterprises.