Good governance is a priority for the MDB and the NAO

The MDB Chairman Mr Leo Brincat welcomed the Auditor General Mr Charles Deguara and the Deputy Auditor General Mr Noel Camilleri, at the MDB offices, stating that the bond that links both entities is that good governance is their utmost priority. 

Through a presentation about their operating model and product portfolio, the Bank’s Chairman explained the high standards that the Bank paid to its governance structures as well as to the wide-ranging scrutiny its operations are subjected to as provided for by law.

Mr Brincat explained the obligations resulting from its broadened remit from the European Commission that runs till the end of December 2027.

While the Bank is not subject to NAO scrutiny except where government funds are directly deployed, the NAO has carried out general, national audits on such topics as digitalisation, the green economy, climate issues and the circular economy, which also happen to be priority areas for the MDB.

When Government funds were directly deployed as in the COVID-19 Guarantee Scheme the NAO audited the Bank’s role in this scheme and the Bank came out with flying colours.