Bermuda's future has been given a shot in the arm thanks to a massive cash donation from an international company.

Orbis Investment Management, a South African finance firm which has had an office in Hamilton for the last eight years, has promised to come up with $500,000 to be spent on education and youth development schemes.

The donation is in addition to the $1 million put up by the company to sponsor the Bermuda Bowl World Bridge Championships -- an international event being held on the Island in the year 2000.

Orbis director William Gray said: "Our sponsorship and donations are our way of giving something back.

"Orbis has grown from $67 million to over $1 billion in assets under management since we opened in Bermuda in 1990. It's been very good to us. The people of Bermuda have contributed to Orbis' success and we are happy to contribute something in return.

"This concept came about when we were thinking about sponsoring the tournament. That's one way of doing it because it will help tourism and also bring prestige.

"But then we thought that's not the only way we can put something back.

"Our sponsorship allows us to contribute to Bermuda in three important areas.

Bermuda's youth is Bermuda's future and we hope that our $500,000 charitable donation, with a special emphasis on education will contribute to that future.

"Also a healthy tourism industry is vital to Bermuda and it is anticipated the Bermuda Bowl will attract more than 1,200 high quality tourists.'' It is not yet known how the $500,000 will be spent.

Tourism Minister David Dodwell, on hand to accept the tournament sponsorship cheque, said: "This donation speaks volumes for the contributions that international companies make to this Island.'' William Gray TOURISM TOU BRIDGE BDG