Britain to launch infrastructure bank to promote investment
LONDON (UK) – Britain said on Friday that it will come up with a national infrastructure bank to promote investment in infrastructure projects.
“The new bank will play a key role in delivering on the UK’s Net Zero commitments and levelling up across the country by co-investing alongside the private sector in vital infrastructure projects, like transport, renewable energy and digital connectivity,” said the Treasury in a statement.
Finance minister Rishi Sunak is slated to announce the plans for the bank next week as part of the National Infrastructure Strategy during the spending review. “Infrastructure investment will be a key driver for the UK to build back better and greener from the pandemic.”
Half of the nation’s infrastructure projects in the future are slated to be privately funded and the bank, which is to be launched next year, will help the government honour its pledge to invest more than 600 billion pounds ($800 billion) over the next five years, said the Treasury.