The British Infrastructure Club: The UK now has its own infrastructure investment fund
The UK now has its own infrastructure investment fund which can compete with the likes of China and Kuwait.
The British Infrastructure Club (BIC) will leverage billions of pounds from local government and public sector pension funds into in infrastructure projects across Britain.
"Instead of Osborne having to go to China … or Boris to Kuwait or Qatar … they’ll be able to come to the BIC and say here's the project do you want to finance it," leading City financier Edi Truell told City PM
Truell said the fund’s first bid is on a project worth around £1.4bn, and that there are about 10 more in the pipeline, although not all of these will come to fruition.
It comes as chancellor George Osborne committed even more cash to infrastructure as part of today’s Budget.
Truell, who also advises the Mayor of London on pensions and investments, added that the fund will focus on energy and transport projects across the whole of the UK.
"We’d be very happy to invest into Scottish Hydro, an interconnector going into the North East or whatever it might be," he said.
Truell led the recruitment drive for the fund, which will be headed by seasoned infrastructure investor Graeme Bevans.
"Graeme has bought a super team together who between them have invested over $70bn dollars into infrastructure,” he said.