Leeds-based UK Infrastructure Bank (UKIB) said it has been established as an “enduring institution” with key legislation receiving Royal Assent.
“The UK Infrastructure Bank Act has been passed into law — a significant milestone for the Bank as it is set up in legislation as a permanent institution for the whole of the UK,” said UKIB.
“The new Act places the Bank on a statutory footing, confirming its long-term future and recognising its important role in helping to address climate change and boost regional and local growth.”
The UK Infrastructure Bank opened its headquarters in Leeds in June 2021. Since its launch, it has
announced 12 deals in total, investing £1.2 billion and unlocking over £5 billion in private capital.
The bank said it has also appointed a full board and executive team and continues to grow its capabilities.
It will eventually employ around 280 permanent staff, with the majority based in Leeds, and the bank is working
to accelerate financing for ambitious infrastructure projects, support innovative green technologies,
and boost investment across the UK.
Following Royal Assent, the bank will have the power to lend directly to local authorities across the UK, including, for the first time to local authorities in Northern Ireland.
UKIB CEO John Flint said: “This is another major step forward in our development, as it cements our position as an enduring organisation.
“And that, in turn, means we can move forward with confidence as we work with our partners in the public and private sector to deliver our critical mission of tackling climate change and driving up regional and local economic growth.”
Andrew Griffith MP, Economic Secretary to the UK Treasury said: “The UK Infrastructure Bank has already announced billions of pounds of vital investment as well as creating and supporting over 4,500 jobs UK wide.
“We have a laser focus on growing the economy and delivering high skilled, well paid jobs, as we turbo charge this country’s clean energy revolution, creating opportunity in every region of the UK.”