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UK infrastructure bank opens

Words: Laura Edgar
Infrastructure bank / Shutterstock_195196565

Chancellor Rishi Sunak has opened the UK infrastructure bank, which seeks to support local growth and tackle climate change.

It will be located in Leeds.

In March, Sunak used his 2021 Budget to promise that the infrastructure bank would be able to deploy £12 billion of equity and debt capital and be able to issue up to £10 billion of guarantees.

It will work in partnership with local government and the private sector to “harness” investment tailored to the needs of specific infrastructure projects.

Sunak said: “Opening its doors today (17 June), the UK infrastructure bank will accelerate our ambitions for tackling climate change and levelling up, while creating new opportunities across the UK as part of our plan for jobs.

“Through the bank, we are investing billions of pounds in world-class infrastructure that will support people, businesses and communities in every corner of the UK."

On a visit to the bank, Sunak met the senior leadership team, which includes chair Chris Grigg.

Read more:

Budget 2021: Sunak pledges £12bn for infrastructure bank; publishes prospectus for ‘levelling-up’ fund and announces growth deals

Image credit | Shutterstock