Jersey Finance says that if its expansion plans are successful, then all of the cash will be repaid in full through taxes and job creation by the end of 2015.
The money being sought in the latest round of States budget requests is in addition to the £1 million that Treasury Minister Philip Ozouf pledged this week to fund an Economic Development scheme to secure the industry’s future.
That cash is to be used to carry out research into how the industry should develop and part of it will fund the recruitment of international consultants McKinsey & Company.
Jersey Finance chief executive Geoff Cook said that the extra £5 million was needed to help the Island expand its marketing efforts in regions where it already has a presence, such as the Far East and the Gulf, as well as into new countries for Jersey such as Brazil and Scandinavia.
