The Bank of Bermuda's sale to HSBC could pave the way for Government to partner with the private sector on large projects ? including the funding of replacing the Causeway Bridge.

The claim was made by bank CEO Philip Butterfield who revealed in recent days a special project finance team would be coming to the Island in the next month or two to meet Government on just such matters.

Mr. Butterfield said: "While I was in the UK last week I had the opportunity to spend some time with HSBC's project finance team, which has the capacity to be supportive of Bermuda's broader interests.

"One of the things we are intending to do is to bring that project finance team here to Bermuda and offer some advice to Government on what is likely to be the first of the major infrastructure projects, which is consideration of replacing the Causeway."

The Causeway Bridge ? which connects the east end of the Island to the rest of Bermuda ? washed out during devastating Hurricane Fabian a year ago, resulting in four deaths when a Police and private vehicle were washed overboard.

This week, Mr. Butterfield explained that the HSBC project finance team regularly advised on projects across the globe, and could help Government look at ways to finance a costly project like replacing the bridge.

"They are involved in the building of bridges and tunnels across the world, universities, hospitals, schools, major redevelopment efforts in many, many countries, by working with Governments and the private sector. They advise on the project from inception to completion."

Mr. Butterfield continued: "I am keenly interested in orchestrating this exchange of information because it will give us the opportunity to help Government in one of its key initiatives, which is to figure out how public/private partnerships can help address some of the critical needs that we face as a community.

"I would expect in the next 30 to 60 days you would see some meaningful progress in that arena."

Speaking earlier in the year of the Island's need for investment in infrastructure, Mr. Butterfield said: "There are a number of large infrastructure projects that are going to require capital here in Bermuda. We know for certain that we need a more permanent solution to the Causeway. Whether we like it or not, a repeat of Fabian or Fabian-like experience would put us in a place where we would have an inoperable roadway to the airport. Or we might as a community decide to undertake a bridge or a tunnel as a solution."

He added: "That is a sizeable capital investment that could be structured as a bond issue, that might provide an investment opportunity by Bermudians in their own future. Another option is putting all of our utilities underground, to decrease our vulnerability in the event of weather trauma. That would be a prohibitively expensive project to undertake, but it could be properly financed and structured so that we could achieve that."