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.
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