FRIDAY, FEBRUARY 24: Bermuda could raise cash by exploiting the seabed and selling off or renting out redundant buildings, Government Estates and Information Services Minister Michael Scott said on Friday.
Mr Scott was speaking after it was revealed his ministry’s budget for 2012-13 would be around $33 million.
Mr Scott’s ministry includes information technology, Government buildings and lands, and archives.
He said: “There are assets under the seabed of our country. All of these are now going to be deployable assets to contribute to our Government coffers.
“Land and buildings excess to our needs, we have looked at leasing them, developing them in partnership with developers or, in some cases, selling these assets and raising money.”
Mr Scott added that plans for an IT CISCO Academy, to be housed at Bermuda College, are well advanced and it is expected to be formally launched in June.
He said that apprenticeship opportunities would be enhanced by a series of improvements at Government’s Prospect depot in Pembroke, which would assist in the training of “a new generation” of tradespeople.