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INVEX launched at Christine X Art Gallery on Tuesday 12th July 2011
Cultural organizations play an important role in the development sector. That is why the Government launched an initiative, at Christine X Art Gallery on Tuesday, known as INVEX (Investing in Excellence) by a vote of funds amounting to € 150,000 per year.
INVEX is one of the initiatives announced in the Budget Speech of 2011 as a series of measures aimed at strengthening the cultural and creative sector of Malta, and forming an important strategic millħidma being done by the Working Work on the Economics of Creativity. The fund is open to any kind of organization. Those presenting an effective business plan and selected for funding can receive up to
€ 75,000 over three years.
Details on this initiative were the Parliamentary Secretary for Tourism, Environment and Culture, Mario de Marco during a news conference. Mario de Marco said that the initiative is an investment INVEX aimed at strengthening cultural operators and organizations in Malta and Gozo. He said the fund encourages local organizations to draw up long-term plans. Mario de Marco said that the initiative creates new opportunities for organizations working towards strategic development and towards a more professional operation. Mario de Marco said that the initiative encourages improvement in quality of products and services as the Maltese cultural quality,professionalism and efficiency are three ingredients that help local organizations to roam beyond the Maltese market.
Parliamentary Secretary said the INVEX joins several other initiatives that are taking the Government to strengthen the cultural and creative sectors. This investment in strengthening the culture amounts to more than € 8 million and includes initiatives such as funding the purchase of contemporary art that makes Heritage Malta , events such as festivals to manage the Malta Council for Culture and the Arts, funding programs directed at addressing individuals and organizations such as Malta Arts Fund and the Malta Film Fund and the President's Award for Creativity and public assistance to cultural organizations.
Mario de Marco said that from this amount, € 2 million would translate into a direct investment
at individuals, NGOs and creative businesses. The Parliamentary Secretary said that INVEX addresses the specific needs of the cultural and creative sector and is aimed at strengthening the economy of creativity. Mario de Marco said that the cultural and creative sector comprises of around 3600 enterprises employing around 7000 people. They're generating about 4% of GDP of our country.The initiative is open to organizations of all sizes, including start-ups and showing a serious plan that wish to grow their organization or improve the product.
With a commitment of €150,000 per year, INVEX supports organisations seeking to enhance their professional capacities and portfolio by way of organisational growth, research, business and audience development, technological investment and international partnerships. Selected organisations may benefit from a three year funding period, capped at €25,000 per year and up to a maximum of €75,000 over three years. Evaluation of proposals is based on a 3-year business plan.
The deadline is 23 September 2011. More information about this funding program is located on www.invex.gov.mt.