John Flint, the former CEO of HSBC, has been appointed as the first chief executive officer of the new government-backed UK Infrastructure Bank.
Chancellor Rishi Sunak has tasked Flint with leading the Bank’s mandate to identify and finance infrastructure projects as part of the government’s “levelling up” agenda.
The UKIB was first announced at the spending review last year and has been in operation since June of this year.
The investment vehicle will use taxpayers’ money, in partnership with the private sector, to allocate capital to infrastructure projects designed to cut carbon emissions and stimulate local and regional economic growth.
Chancellor Rishi Sunak said: “This is an important milestone for the Bank in its efforts to tackle climate change and level up, while creating new opportunities across the UK as part of our Plan for Jobs.”
“Mr Flint brings outstanding financial and management expertise which will be crucial to leading the organisation as it grows its operations and starts to deliver on its mission to finance projects in every region of the UK.”
The UKIB will be able to draw on a £12bn pot for investments, and is eligible to issue £10bn in government guarantees in the future.
John Flint said: “This is a unique leadership opportunity. The UK Infrastructure Bank’s purpose is clear, and the opportunity to play a role in accelerating the UK’s transition to a low carbon economy, and catalysing regional economic growth is exciting.”