6.3 Trends and indicators for private cultural financing
There are no specific studies or surveys that measure private cultural financing whereas the take up of the tax deductions for donations to cultural heritage and the arts are negligible due to poor promotion and championing. However, in recent years, a number of private foundations have been set up by companies and entrepreneurs to support cultural and arts projects. These are the most active:
In addition, Banks are major supporters of culture and the arts with the Bank of Valletta, HSBC, APS, Banif and Mediterranean Bank retaining a constant profile in private financing.
Cultural organisations are actively seeking business partnerships with private organisations. Examples of these partnerships include the restoration of the Manoel Theatre supported by the Malta International Airport, Heritage Malta projects which involved the support of HSBC, other restoration programmes supported by Bank of Valletta and creativity projects devised by St. James Cavalier which were supported by more than six private companies.