Question to the HM Treasury:

To ask His Majesty's Government, further to the mandate in the UK Infrastructure Bank’s Annual Report for it to “bolster the government’s lending to local government for large and complex projects”, what financing the Bank has provided for such projects in the past 12 months.

Since the UK Infrastructure Bank (UKIB) launched in June 2021 it has announced 12 deals in total. Over the past 12 months, the UKIB has announced 8 investments, committing £0.9 billion and estimated to mobilise over £5 billion of private investment.

The UKIB has made two local government investments since 2021, including a £107 million loan to Tees Valley Combined Authority for the construction of the South Bank Quay and a £10 million loan to the West Midlands Combined Authority for green sprint bus infrastructure.

Through these investments the UKIB is supporting projects which contribute to meeting net zero targets as well as driving regional and local economic growth. The UKIB also supports local authorities through the continued rollout of its advisory service which has pilots underway in Bristol, Greater Manchester and West Yorkshire.