1. ITV Report

States of Guernsey invest £25m into the island's economy

Credit: New investment in Guernsey

The States of Guernsey have launched a multi-million pound investment fund for the island's economy.

£25 million is expected to be pumped into Guernsey's economy with the aim of investing in projects and companies who have a Bailiwick focus.

The States claim it will show the island is truly open for business.

The Policy and Resources Committee, which has authority over Guernsey’s Investment Reserve, agreed to invest £25m into the fund on the grounds that investment fund manager Ravenscroft would secure additional funding from the private sector.

The President of the Policy & Resources Committee, Deputy Gavin St Pier, said the launch of the investment fund is exciting for all those involved in the business sector in Guernsey.

We are determined to stimulate growth and we are committed to supporting business innovation. Our expectation as primary investor into the Fund is that it will achieve a significant return on our investment reserves for taxpayers and serve as an economic enabler.

– Deputy Gavin St Pier, President of the Policy & Resources Committee

The fund is also looking to invest in technology and innovative companies which have the potential to create new or disrupt existing industries.

An independent board has been appointed to have overall responsibility for the Fund.

Gilbert Chalk will Chair the fund alongside John Hollis, a non-States member of the former Treasury & Resources Board and Mel Carvill, a global financial services director.

This is a fantastic opportunity for any companies or entrepreneurs who believe they have a business idea that will satisfy the Fund’s dual objectives, to turn a profit and benefit the Bailiwick.’

– Deputy Lyndon Trott, Vice-President of the Policy & Resources Committee