On-Air Now
Facebook

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”.


 

Subscribe to get Energy FM News direct to your mobile device

You can get Energy FM News delivered direct to your mobile device using one of the following methods.

  • In the Apple News App on iOS search for Energy FM IOM and then just add it to your favourites
  • In the Google News & Weather App just search for Energy FM and then add us as a customised section
  • If you use an RSS Reader then just add our feed to your app, click here for our news RSS feed