UKGI undertakes the role of shareholder for the UK Infrastructure Bank on behalf of HM Treasury. UKIB’s core mission is to partner with the private sector and local government to increase infrastructure investment to tackle climate change and promote economic growth across the UK.
Since starting our role in May 2021 we have used experience from the set-up of Green Investment Bank and British Business Bank to support the initial phases of UKIB’s build out, including playing an important role in the preparation and execution of UKIB’s financial framework document and the establishment and implementation of UKIB’s £22billion financial capacity.
Over the past 12 months UKGI has supported UKIB on its journey from set-up into steady state with a number of key milestones achieved. UKIB’s Board is now fully constituted and its senior management team has transitioned from interim to permanent. Board and committees are well-established and through our role we have helped strengthen the robustness of UKIB’s governance processes.
Operationally, UKGI has supported UKIB and HMT with building out its funding arrangements and risk management processes. Notable highlights have included the launch of the Sovereign Infrastructure Guarantee in February 2023 and publication of UKIB’s Risk Management Framework in November 2022.
In March 2023 the UK Infrastructure Bank Act received Royal Assent and was passed into law, placing the bank on a statutory footing and concluding a significant year of achievements for UKIB. UKGI will continue to support UKIB on its mission, helping to drive value for HMT and to the taxpayer.