The UK government鈥檚 new national infrastructure bank has reiterated its plan to commit 拢22bn (鈧�25.6bn) to projects over the next five to eight years.
The UK Infrastructure Bank (UKIB), which has closed 7 deals worth 拢610m in projects since its launch a year ago, said it expects to deploy 拢8bn in debt and equity, 拢10bn in guarantees and 拢4bn for local authority lending.
UKIB said its strategic plan involves investing in other key sectors for the UK鈥檚 economic future across transport, digital, water and waste, financing the 鈥渟cale-up of existing infrastructure and accelerating the deployment of new technologies鈥�.
UKIB鈥檚 CEO John Flint, said: 鈥淲e want our investments to shape the future and, for the first time, we鈥檙e highlighting where we expect the biggest investment opportunities will be to deliver on our mission to tackle climate change and regional inequalities.
鈥淭he war in Ukraine is an economic earthquake that underlines our mission and the strategic importance of energy security to the UK鈥檚 economic future. Rising energy bills also show how in the long-term we need to increase our domestic supply of energy.
鈥淲e cannot achieve this alone. Across the breadth of our mission we want to work with partners in the public and private sector to identify where our investment can make the most impact.鈥�
The bank鈥檚 advisory function will launch this summer, with targeted pilot projects developed over the next 6 months to test how it can best add value.
Chris Grigg, chair of UKIB, said the progress made by the UKIB in its first year goes to show the bank can have a real impact on infrastructure across the UK.
鈥淣eedless to say, however, there is much still to be done. As our excellent group of new non-executive directors and executives arrive over the summer, they have a real opportunity and indeed responsibility to drive the continued roll-out of the Bank鈥檚 strategy and to help it deliver on its core mission.鈥�
Economic secretary to the UK Treasury, John Glen said: 鈥淎 year after its launch, it鈥檚 great to see the bank delivering on its mandate to accelerate investment in infrastructure, helping to level up across the UK and tackle climate change.
鈥淭his new strategic plan sets out how the bank will deploy 拢22bn of investment into the UK economy over the coming years, boosting growth and supporting jobs.鈥�
UKIB was announced as part of the government鈥檚 national infrastructure strategy in 2020 and was launched in June last year.
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