More than $1.8 billion will be spent from public and private funds in infrastructure projects over the next five years, according to the 2016-17 Budget statement.

Among the items listed in the statement are the controversial $250 million airport redevelopment, $100 million for the Causeway and $1 billion for the Morgan’s Point resort project.

Bob Richards, the Minister of Finance, said: “Government’s two-track strategy not only requires the controlling of government spending, but also the stimulation of economic activity. It would be easy for Government to simply borrow money to fund infrastructure projects, as in the past.

“However, under the present debt conditions, such a strategy would not be prudent.

“Most of these items would not be financed from public debt. As these projects become reality they will provide the local economy, and the local job market in particular, with the stimulus needed to expand jobs and income.”

A host of other projects were listed in the statement, including $40 million for the America’s Cup village and $50 million for other America’s Cup infrastructure.

In addition to Morgan’s Point, several hotel projects were listed, including the $40 million redevelopment of the Ariel Sands Hotel, the $50 million Pink Beach Hotel redevelopment, $100 million for further work at the Hamilton Princess and $150 million for the new St George’s hotel project.

Smaller figures were included for the restoration of the Swing Bridge in St George’s ($20 million), casino build-outs ($10 million) and work on King’s Wharf ($3 million).

A solar farm, which has been proposed for an unused finger of land at the LF Wade International Airport, was listed with a cost of $20 million, while the Belco LNG build-out will cost $50 million.

Several projects were listed without value, including the redevelopment of the Grand Atlantic complex as a tourism site, the redevelopment of the Hamilton waterfront and the development of Marginal Wharf in St David’s.

“They represent ideas that have not been sufficiently fleshed out, so they have been assigned a value of zero,” Mr Richards said. “However, once further developed, they could be very significant in value.”