Election 2020: PPPs can boost economy
A total of $1 billion could be injected into the economy by a string of major construction projects — including public-private partnerships, the Minister of Finance has said.
Curtis Dickinson said that Bermuda must balance economic growth with “maintaining a firm hand on the public purse” as it navigated its way out of the Covid-19 pandemic.
Mr Dickinson added: “There is a way to do public and private sector partnerships that work, can stimulate the economy and give Bermudians a chance to participate in the ownership in the project to create a nation of owners.”
The Progressive Labour Party’s General Election candidate for Pembroke South East highlighted major upgrades at a number of buildings, including the Department of Public Transportation, Marine and Ports and Westgate prison, as well as the installation of solar panels at six Government offices.
He added that work would begin on transitional housing for youngsters who leave the care of the Department of Child and Family Services, parish clinics would be renovated, a fishing co-operative processing centre would be completed and improvements made to Pembroke canal.
Mr Dickinson, speaking at a briefing on the PLP’s election platform on Wednesday, said: “To further support our community we are also providing grant funding for community clubs.
“The investments we are planning to make will have a stimulative effect on the economy and these shovel ready initiatives will provide jobs while at the same time giving us much needed infrastructure and quality of life improvements.”
Mr Dickinson added: “While the government has a very important role to play in stimulating the economy, the private sector has just as an important role.
“As such the government will seek to partner with key sponsors to advance projects that generate economic activity and promote job creation.
“The key to our economic recovery will be the growth of jobs in our economy. The government will focus on the retention of people we already have working, encourage those employers who are here to grow their footprints and increase employment and identify new companies and industries that can start up in or relocate to Bermuda and provide new jobs in our economy.”
Davida Morris, the General Election candidate for Pembroke South West, said that the PLP would take advantage of “the best debt offering that Bermuda has ever had” to invest in job creation and the economy, including green energy and the expansion of Hamilton.
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