HSBC in the Isle of Man has renewed a credit facility agreement for the Isle of Man Government.

The £155m facility will fund local authority projects focused on sustainability around the island, and projects accelerated as part of the Isle of Man’s Covid economic recovery plan.

The facility is a local authority lending agreement guaranteed by the Isle of Man Treasury, which enables the island’s local authorities to access borrowing to fund local capital projects.

So far, the original arrangement has funded more than 150 local projects such as energy efficient street lighting, energy efficient social housing projects, and improvements to existing facilities in the island.

The total amount of £155m incorporates a £30m term loan and a £125m revolving credit facility which has been increased from the original £100m facility.

Jaime Amoedo, head of commercial banking for HSBC in the Isle of Man, said: ‘This new loan demonstrates the Isle of Man Government’s ongoing trust in HSBC and shows our continued commitment to the Isle of

Man.

‘It is important that we keep moving forward within the island-wide Covid-19 recovery plan, and this is why HSBC is supporting the Government again in this way.

‘‘The funds are being used to directly improve island infrastructure and sustainability projects, which is essential as we all deal with the challenges of the pandemic.’

Treasury Minister, Alfred Cannan, MHK said: ‘Renewing this arrangement provides stability and will enable important projects across the island to be planned with confidence.

‘It is imperative local authorities have access to finance while securing value for money for their ratepayers, and the Isle of Man Government is playing a vital role in making that possible.’