The new UK Infrastructure Bank has made its first investment and has urged authorities to “get in touch”.
The £107m investment in the Teeside quay development will be used to “completely transform” part of the Redcar Steelworks site on the River Tees, delivering a new 450 metre quay that contributes to the area's goals of becoming the UK’s “premier offshore wind hub”, supporting developments such as Dogger Bank.
“I’m very pleased to announce our first transaction, only four months since our launch and one that fits with our objectives so clearly,” said John Flint, the bank’s chief executive officer. He also urged more local and regional bodies to “get in touch with us on how we can work together to finance projects across the country".
The bank was created earlier this year to “finance innovative infrastructure projects, tackle climate change and boost growth” but questions remain over the role that it will play going forward, and its need. Partnerships Bulletin recently explored the role of the bank, to read more click here.