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The UK Infrastructure Bank Bill has become law, enshrining the institution’s objectives and operational independence into the statute books.
The new act legally defines infrastructure to include nature-based solutions alongside technological to recognise the importance of natural capital.
The bank, which was proposed in 2021 as part of the government’s levelling up agenda, has appointed a board, executive team and employees around 280 staff.
It has been tasked with unlocking £40 billion of infrastructure investment for schemes that help tackle climate change including clean energy projects, water and waste processing. Its scope also includes expanding transport links and advancing digital infrastructure.
Economic secretary to the Treasury, Andrew Griffith, said: “We have a laser focus on growing the economy and delivering high skilled, well paid jobs, as we drive forward this country’s clean energy revolution, creating opportunity in every region of the UK.”
Deals to the value of £1.2 billion have so far been made, which unlocked additional private and public investment worth £5 billion. Last week the first water sector deal was announced as the bank invested £50 million in Portsmouth Water’s Havant Thicket Reservoir, which will be the country’s first major reservoir to be built in 30 years.
After its launch, the UK Infrastructure Bank was given £12 billion of capital to deploy, and the capacity to issue £10 billion of government guarantees.
The Bank was designed to harness investment for specific local projects by offering debt, equity, and guarantees to attract private and public investors.
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