Income in the National Development and Social Fund (NDSF) by the end of December amounted to €363,245,398, Prime Minister Joseph Muscat said on Wednesday.

The NDSF receives 70 per cent of the contributions under the Individual Investor Programme, which was set up by the government in July 2016.

Read: €163.5m from passport programme turned deficit to surplus

Prior to 2016, the proceeds were temporarily accumulated in a Treasury Clearance Fund account and were recorded as revenue since 2014.

Upon the setting up of the NDSF in 2016, IIP contributions started featuring in the Fund.

Replying to Parliamentary questions by Nationalist MP Simon Busuttil, Dr Muscat said that €27,818,284 of the funds received up to December 31 were invested, leaving a balance of €335,427,094.

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