The Treasury has opened the doors to the Infrastructure Bank which it said will be tasked with accelerating investment into ambitious infrastructure projects, cutting emissions and levelling up every part of the UK.

First announced by the Chancellor alongside the Spending Review, the Bank will help to finance important projects in every region and nation of the UK in sectors including clean energy, transport, digital, water and waste.

The UK Infrastructure Bank will have an initial £12 billion of capital to deploy and will be able to issue £10 billion of government guarantees, helping to unlock more than £40 billion of overall investment.

Working in partnership with local government and the private sector, the Bank will harness investment tailored to the needs of specific infrastructure projects, offering a range of financing tools including debt, equity, and guarantees.

The Chancellor of the Exchequer, Rishi Sunak said: “Opening its doors today, the UK Infrastructure Bank will accelerate our ambitions for tackling climate change and levelling up, while creating new opportunities across the UK as part of our Plan for Jobs. Through the Bank, we are investing billions of pounds in world class infrastructure that will support people, businesses and communities in every corner of the UK.”

The Chair of the UK Infrastructure Bank, Chris Grigg, said: “The new UK Infrastructure Bank is open for business. I am delighted to be leading this institution, which will be a catalyst for investment to support regional economic growth and net zero ambitions. I look forward to building strong partnerships with project sponsors, institutions and local leaders.”

As part of its opening, the Bank published a framework document which sets out its relationship with government.