Over £24 million allocated to the Island Infrastructure Scheme

Tue, 14 Nov 2023

Following assessment of the applications received during the first round, allocations totalling £24.2 million were made to the Island Infrastructure Scheme and were approved by the Department of Enterprise and the Economic Strategy Board.

The Scheme was approved by Tynwald and opened for the first round of applications between January 3 and April 1 2023.

In accordance with the Terms of Reference for the fund, the allocations in principle were subsequently also approved by Treasury and the Council of Ministers.

The Department may make payments, to eligible businesses for qualifying costs, from funds maintained by Treasury. It was determined by Treasury that initial funding for the Scheme would be allocated from the Economic Strategy Fund.

In September, the Department announced the first three successful allocations, and there remain three further ones at various stages of development.

Minister for Enterprise, Tim Johnston MHK has said “whilst at this stage the Department has not determined to re-open the Scheme for a further round, it is actively reviewing that now, especially considering residential only developments given the continued demand on housing”.

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