Feasibility Study for the Restoration and Rehabilitation of the Historic Fortifications of Malta This project sought to address the problem of restoration and rehabilitation of the decaying architectural fabric of the fortifications and to improve their appearance so as to allow them to be integrated productively into the overall tourism product by harnessing their economic and cultural potential.

The objectives of this study were to evaluate and quantify the financial and economic impact that can be derived from the rehabilitation and restoration of the fortifications of Valletta, Mdina, Vittoriosa and the Gozo Citadel and justify the extensive and costly restoration effort of such a project. The results of this study highlighted the significance of these fortifications as heritage sites for Malta and its economy. It also illustrated how the benefits that will arise from such a project will be distributed throughout the economy, rather than being isolated to the cities or towns where the fortifications are located. The project also highlighted the benefits for the local tourism product and the impact on the quality of life of local citizens. The investment cost of this project is expected to be co-financed by the Cohesion Fund (2007-2013). The EU co-financing rate is expected to amount to 85% of the total investment. To this end, this study was carried out in accordance with the General Guidelines for Cost-Benefit Analysis for Investment Projects, prepared by the Evaluation Unit, DG Regional Policy of the European Commission.