A senior Guernsey Politician says the States’ £25million stake in a new investment fund shows that government is fully committed to both economic diversification and building a digital economy.
Deputy Andrea Dudley-Owen, the Vice-President of the Committee for Economic Development, takes the lead for the Committee on digital matters and said the launch of the Guernsey Investment Fund has been very well received by businesses locally.
The multi-million pound fund will be made up of a number of protected cells, with the technology and innovation cell being the first to launch. Further cells, including property and infrastructure, may follow.
She said: “The 2017 Digital Framework laid out our clear ambition for Guernsey to be a leading innovative and entrepreneurial community by 2026. We will aim to be location of choice for a range of low footprint, high value, digital businesses to enhance economic growth and opportunity for the island. Two of the Framework action plans specifically state the need to “Target High-Value Digital Industries” and that “Government should directly support the digital economy”.”
“The decision to be the seed investor of the fund, to the tune of £25m, shows States commitment to both economic diversification and delivering on our plan to build a digital economy. Guernsey has a legacy of capability and a proven track record of innovation in building successful technology products and businesses. Now in 2018, we know that this will be backed by government investment into a fund which will accelerate these activities and show our commitment to the future economy of the island.”
The Policy & Resources Committee, which has delegated authority over the States of Guernsey’s Investment Reserve, agreed to invest £25m into the Guernsey Investment Fund on the basis that investment fund manager Ravenscroft would secure additional funding from the private sector. Millions of additional investment has been raised so far.
An independent board has been appointed to have overall responsibility for the Fund, each cell and its respective portfolio. Investments will only be made after thorough due diligence undertaken by the investment manager has been completed and subsequent approval of the independent board of directors. The States of Guernsey will have no involvement in investment decisions.