Treasury Minister explains Government's input on new developments

The Treasury Minster has explained the logic behind government's funding model that has seen three major developments announced by the Department of Enterprise yesterday.

The Tevir Group will develop a hotel, office and leisure complex on Villiers Square in Douglas as well as a 38 apartment site in Port Erin, with Duluth Limited set to build a 55 apartment residential facility on Lake Road Douglas.

To ensure it's a viable prospect for the developers government will pay 25% of the costs upon completion of the works.

The money has come from the £100 million Island Infrastructure Scheme.

Treasury Minister Dr Alex Allinson said it's hoped this fund will be worth £1 billion to the Island once it has all been earmarked.