Saturday 27 June 2015

UK’s green bank to be part-privatised

The UK Government has announced the Green Investment Bank (GIB) will be part-privatised.

It was set up in 2012 to support investment in the nation’s green infrastructure and has committed £2 billion so far.

The funding has helped finance 50 green infrastructure projects, including wind power and bioenergy.

In a speech at the bank’s Annual Review event in London this week, Business Secretary Sajid Javid said “the time is right” to start the process of moving the GIB into private ownership.

He added: “The bank will still be green, still be profitable, still be a market-leader in financing environmentally sound infrastructure but free from limitations on where it can borrow money and EU regulations on state aid. The bank will be able to access a much greater volume of capital.”

Chancellor of the Exchequer George Osborne said the government wants the bank to attract more investment and use the money “to pay down the national debt and deliver lasting economic security for working people”.