The agency which administers government income from the sale of passports saw less funds diverted to it last year because of their use in the COVID-19 emergency.

The National Development and Social Fund (NDSF) received €27.8 million from revenue from the Individual Investor Programme so that the total amount of proceeds received from inception to date amounted to €599.8 million.

In 2019, NDSF received €105.9 million.

"The difference is the result of the fact that in 2020, the ratio of how funds are distributed was changed in order to reflect the exigencies of the global 
health pandemic. Whereas, under normal circumstances, 70% of the proceeds from Komunità Malta were normally received by the NSDF, this percentage was changed to 20%," the agency said on Monday.

Since its inception in 2018, the fund has contributed €109.04 million towards various sectors of society including health, social accommodation and sports.  €66 million in social housing, €5 million for Puttinu Cares to purchase of property in central London; €10 million for health centres; €1.5 million for Caritas; €1.5 million as an investment in artistic heritage, €3.5 million in urban greening projects and €950,000 in Mater Dei Hospital’s Cardiology Department to upgrade its two catheterisation suites.

During 2020, the total assets of the fund increased by 4.82%, up from €570.58 million in 2019 to €598.10 million in 2020. Total assets included €364.96 million held in foreign and domestic financial investments, €1.48 million in heritage assets and €227.19 million in cash and cash equivalents.  

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