Description
The UK Infrastructure Bank is a British state-owned development bank. It is intended to help with the UK Government's plan to reach net-zero carbon by 2050 and to support economic growth in regional and local sectors across the United Kingdom.
Then Chancellor of the Exchequer, Rishi Sunak, stated that the bank would be tasked to invest in sectors such as "renewable energy, carbon capture, storage and transportation", and would provide "low-rate loans to mayors and councils to fund projects".
The bank is publicly owned with its sole shareholder being the Treasury Solicitor in the capacity of HM Treasury. The bank was given initial capital amounting to £12bn, is able to offer up to £10bn of government guarantees, with its final capacity being £22bn.
