The first-ever U.K. Infrastructure Bank has officially launched at its headquarters in Leeds, making billions of pounds available to U.K. businesses and communities.
The new bank will be tasked with accelerating investment into ambitious infrastructure projects, cutting emissions and financing important projects in sectors including clean energy, transport, digital, water and waste.
According to Chancellor of the Exchequer Rishi Sunak, the U.K. Infrastructure Bank will have an initial £12 billion ($17 billion) of capital to deploy and will be able to issue £10 billion ($14 billion) of government guarantees, helping to unlock more than £40 billion ($56 billion) of overall investment.
Working in partnership with local government and the private sector, the bank will harness investment tailored to the needs of specific infrastructure projects, offering a range of financing tools, including debt, equity and guarantees.
“This landmark decision is testamen