Government is looking at alternative forms of financing for some of its capital projects in the wake of the September 11 attacks on the United States.

And efforts being spearheaded by Works Minister Alex Scott might see private sector funds being used for such projects as the new court and Police station facility on Court Street, Hamilton, as well as an office block development in the area.

Mr. Scott told The Royal Gazette yesterday that he intends to keep all capital projects on schedule. But he is hoping to be able to free up funds earmarked for capital projects so they could be made available for other uses.

Mr. Scott's plan involves finding investors, not lenders, to take over new Government projects and a lease to buy agreement with first refusal purchase rights for Government between Government and the investors.

He said it would involve some of the larger projects - valued at around $25 - $30 million.

He said the plan was a viable win-win scenario and serious discussions were now underway with four interested parties - a local contractor with foreign partners, a local developer, a bank and a foreign group.

"But I have to make sure I'm on good ground and I'm keeping my colleagues and the finance minister abreast,'' Mr. Scott said.

`'It is certainly viable because (the investor) has a solid client of repute and he knows he's going to get a good return over time."

Moreover, Government would end up owning the project.

Acting premier Eugene Cox has made it clear that Government will do all it can to keep Bermudians working in the aftermath of the September 11 attacks which sparked fears of a recession.

Mr. Scott said that his Ministry had a key role to play as a major employer.

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