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.
Record number of seal pups recorded
Proposed laws could mean free period products
Unemployment fell slightly last month
GP waiting times to be raised in House of Keys tomorrow
Waves higher than predicted on crossing which damaged cars
Spitfire flights to be launched from Ronaldsway
Does Crogga owe the government money?
Thinking of standing for election?
