[2] In November 2008, the Ministry for Resources and Rural Affairs under Minister George Pullicino took the initiative of setting up the museum at the former Biagio Steps Examination Centre in Valletta.

[3] Works to convert the former examination hall began in 2010[4] under the direction of the architect Norbert Gatt,[5] and the completion date was set to be sometime in 2011.

It is run by the Restoration Directorate of the Ministry for Resources and Rural Affairs,[8] and its curator is Stephen C.

[10] The FIC is housed in a large 16th-century building located at St. Mark's Street in Valletta, close to St. Andrew's Bastion and the now-demolished Marsamxett Gate.

It has a plain façade adorned with the coat of arms of Grand Master Hugues Loubenx de Verdalle, suggesting that the building was built sometime between 1582 and 1595.

[6][11] The upper floor of the building was damaged by aerial bombardment in World War II and its roof was subsequently demolished.

[12] The building was chosen to house the FIC because of its large interior spaces and its location adjoining the fortifications of Valletta.