The Bank is investing up to £100 million alongside Infracapital and other private investors to support digital rollout across the UK
UKIB is investing up to £100 million alongside Infracapital and other private investors to support digital rollout across the UK
25 August 2022
The UK Infrastructure Bank is supporting the roll out of ultrafast broadband to rural homes by investing up to £100 million to accelerate the digital roll out across the UK, building on its existing relationship with Infracapital through the Digital Infrastructure Investment Fund (DIIF).
Digital is a priority sector for the bank and this investment will support the roll out of quality, high speed broadband, connecting communities across the UK and contributing to the government’s target of at least 85% of UK premises having access to gigabit-capable broadband by 2025.
Improved digital connectivity is vital to ensuring the future growth of the UK economy and is key to improving productivity. Digital infrastructure also has an important role in enabling the economy to transition to net zero.
The Bank’s recently launched strategic plan sets out the importance of supporting fast and reliable digital connectivity to boost regional and local economic growth, particularly in rural communities, as it helps businesses grow, innovate and create jobs.
DIIF was created in 2018 and was seeded by HM Treasury, who transferred it to the Bank when it was established in 2021. Through the fund, Infracapital has supported four UK full-fibre businesses to scale up and connect more than 400 thousand homes and businesses to date.
- The UK Infrastructure Bank opened for business in June 2021 to help tackle climate change and boost growth across the United Kingdom. The Bank has now announced ten deals worth £1 billion, with a range of investments in line with its strategic objectives and investment principles, which can be found on the UK Infrastructure Bank website.
- The Bank is wholly owned by HM Treasury but is operationally independent from government. The Bank identifies, selects and assesses projects and approves them through its Investment Committee and Board.
- Infracapital invests in, builds and manages a diverse range of essential infrastructure businesses to meet the changing needs of society and support long-term economic growth. Since its formation in 2001, the team has worked with more than 60 companies throughout the UK and Continental Europe, managing in excess of £6 billion of institutional client capital.