EU clears set up of Malta development bank

August 24, 2016 5:54 AM EDT

European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium, April 20, 2016. REUTERS/Francois Lenoir

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BRUSSELS (Reuters) - The European Commission said on Wednesday it had cleared the creation of a development bank in Malta, which will finance small businesses and infrastructure projects.

Malta said in July it would set up such a bank, inject 200 million euros ($225.50 million) in capital and allow for tax exemptions and guarantees of about 55 million euros.

The Commission said that the bank would not compete with the private sector and was therefore not in breach of EU competition rules. ($1 = 0.8869 euros)

(Reporting by Robert-Jan Bartunek)

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