The UK Infrastructure Bank Bill has become law and received Royal Assent after first being discussed in Parliament in May last year.
The Infrastructure Bank was launched in June 2021 to encourage private finance and public investment to help tackle climate change and support regional and local economic growth.
The Bank also aims to improve transport links, expand digital infrastructure, and improve water and waste processing.
The government said that the new legislation will preserve the Bank’s operational independence, support its objectives to “level up the UK”, help tackle climate change, and “set out clear accountability structures”.
The Bank, which since its establishment has been provided with £12 billion in capital, has already announced around £1.2 billion in deals which are spread throughout the UK.
Recent projects include providing full-fibre broadband to around 1.5 million homes in the UK.
Commenting on the news Andrew Griffith MP, Economic Secretary to the 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.”
He added: “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.”
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