More than €432 million have been deposited in the National Development and Social Fund from the Individual Investor Programme – better known as the ‘citizenship scheme’ up to the end of August.

The fund is the government agency established to manage and administer 70 per cent of the contributions received from the IIP, which allows wealthy investors to acquire a Maltese passport. 

The fund’s board of governors said that it had recorded total revenues of €432,014,517 from the fund’s inception up to August 31.

During the same period, it invested €130,576,332 in local listed securities and Malta Government Stock.

In January, the agency had awarded a grant of €950,000 to Mater Dei Hospital’s Cardiology Department to upgrade its two catheterisation suites. It has committed another €55 million towards other initiatives related to social housing and healthcare.

Last month, the fund also finalised a deal to buy 49 per cent of Lombard Bank.

Any unallocated funds received by the fund are held in a segregated account at the Central Bank.

Read: Passport buyers hidden among ‘new Maltese’