The first ever UK Infrastructure Bank has opened for business with the aim of investing in sectors such as clean energy and transport.
The bank was opened in Leeds by Chancellor Rishi Sunak, who announced its launch in March’s Budget.
The UK Infrastructure Bank has an initial £12 billion of capital to deploy and can issue £10 billion of government guarantees, helping to unlock more than £40 billion of overall investment.
The Bank is tasked with accelerating investment into ambitious infrastructure projects, cutting emissions and levelling up every part of the UK.
It will help to finance important projects in every region and nation of the UK in sectors including clean energy, transport, digital, water and waste.
Chris Grigg, Chair of the UK Infrastructure Bank, said: ‘The new UK Infrastructure Bank is open for business. I am delighted to be leading this institution, which will be a catalyst for investment to support regional economic growth and net zero ambitions.
‘I look forward to building strong partnerships with project sponsors, institutions and local leaders.’