The Further Studies Made Affordable (FSMA) financial instrument is a financing solution providing €8.25 million in soft loans, targeted for individuals seeking further studies. This facility is being offered through the collaboration between the Malta Development Bank, Bank of Valletta and the Managing Authority for EU Funds.

  • National



  • European Social Fund


    European Social Fund

  • Investing in human capital to create more opportunities and promote the wellbeing of society


    Investing in human capital to create more opportunities and promote the wellbeing of society

  • €8,250,000

    Cost of Project


  • €3,000,000

    Total EU Allocation


The Financial Instrument is financed under the Operational Programme II – “Investing in human capital to create more opportunities and promote the wellbeing of society” which is co-funded by the European Social Fund Programme 2014-2020 (ESF).

The objective of the financial instrument is to support the development of human capital and is aimed to meet the financing needs of students seeking to pursue a study programme for accredited courses in MQF levels 5, 6, 7 and 8 as well as other internationally-recognised certificates. The eligible students shall be entitled to receive support for the activities related to tuition fees, accommodation costs, subsistence expenses and other expenses to further their studies in Malta and abroad.

Loans under this facility can be up to a maximum of €100,000 with a term of up to 15 years including a maximum moratorium period of 5 years. Students benefit from a subsidy on all the interest payments during the moratorium period which is being financed through a grant, and an attractive interest rate thereafter. Due to the guarantee of 80% provided by the MDB, no collateral or up-front contribution will be requested from the student.

By October 2020, the whole portfolio of €5.5 million was already taken up, less than a year since its launch. The rate of take-up has been much faster than what had been originally expected, confirming the success of the Scheme and its ability to meet very effectively the pent-up demand for this kind of facility.

In view of the highly successful performance of the FSMA scheme and the likely demand for facilities for the new academic year, an additional €1million from the ESF has been allocated to the scheme.  This will enable the maximum portfolio available for such study loans to be extended from €5.5 million to €8.25 million.

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