The hospital, which is due to be built on the existing site, is expected to cost £466 million.
The loan would be paid off over 40 years. The remainder of the cost of the project would be funded from States reserves.
In his proposal, which is scheduled to be debated during this week’s States sitting, Treasury Minister Alan Maclean says that taking out a loan is ‘the best way to make the most of our considerable reserves and strong balance sheet’.
The Senator has been strongly criticised for not delaying the debate to enable the Corporate Services Scrutiny Panel to review and report on the proposals.
Deputy John Le Fondré, chairman of the panel, said: ‘This is the largest amount of debt the States of Jersey have ever taken on, and a delay to the debate of four week seemed entirely reasonable, given the circumstances.’
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