Infrastructure fund approved in Bermuda

An infrastructure fund has been approved in Bermuda in order to stimulate the country’s economy with local investments. Premier and minister of Finance David Burt recently provided an overview on the establishment of the Bermuda Infrastructure Fund in the House of Assembly saying that the “Government believes that is in the best interest of Bermuda and Bermudians who are looking for jobs to have International Business invest their funds locally to help stimulate Bermuda’s economy.”

The Premier said, “Bermuda is a global leader in insurance. Bermuda based insurance and reinsurance companies have significant assets, these assets are put aside to pay claims when they arise. The vast majority of these assets are invested outside Bermuda.

“If only a small portion of these funds were invested domestically in the Bermuda economy that would result in significant investments. This would be a very significant inward flow of capital into our economy leading to investments that will create jobs and stimulate economic growth.”

“The recent statistics shows that 2016 was the seventh year of economic contraction in the last eight years, which shows the urgency that must be placed on economic growth as our future depends on being able to grow our economy and create jobs for Bermudians,” he urged, according to media reports.

The government has agreed to support the establishment of the Bermuda Infrastructure Fund.