Palumbo commits to back educational incentives in Cottonera

Palumbo Shipyards is committed to back future educational initiatives in Cospicua, Senglea and Vittoriosa following a meeting it had with the three mayors.

The social, educational and industrial aspects of the Three Cities were among the issues discussed between the mayors and company CEO Antonio Palumbo during a tour of the shipyard.

In a joint statement with the three local councils Mr Palumbo said, “The company’s goal is not solely financial gain. We are committed to invest in the surrounding cities as we believe we have a social responsibility to support schools, parishes and sports clubs, among others.”

John Boxall, mayor of Vittoriosa, Alison Civelli Zerafa, mayor of Cospicua and Giuseppe Casha, Senglea’s mayor were taken on a guided tour of the shipyard.

Palumbo had taken over the shipyards in 2010 at a time when Maltese taxpayers were still spending €1 million a week on interest payments as a result of the Malta Drydocks’ losses, it was noted in the same statement.

A 30-year lease was given to the company to invest €31 million in the ship repair facilities and within six years, was generating some €2 million in annual profits and injected some €300 million in turnover directly into the Maltese economy since 2010.

The mayors said they appreciated the investment Mr Palumbo had pumped into the shipyard, but they pointed out that they were elected by the people to represent their needs and there would be matters where the councils and the shipyard might possibly not agree upon.

However, during the meeting it was agreed between the mayors and Mr Palumbo that they would continue communicating in future in the interest of all parties involved.