Despite some recent confusion over the matter, the UK Infrastructure Bank (UKIB) proved last week that it was well and truly open for business as it announced its first investment. UKIB will invest £107 million into a development at South Bank Quay in Teesside, which will see the construction of a 450-metre quay for the manufacture, storage and transportation of equipment for the offshore wind sector. Launched in June 2021, UKIB’s remit is to provide finance for innovative infrastructure projects in the UK where those projects help to tackle climate change and support regional growth. Despite being owned and backed by HM Treasury, UKIB stresses that it is independent from the UK government from an operational perspective. Initially, finance was only available to the private sector with investment for public sector projects to follow later in the summer although reports were published last month suggesting that the public sector was still unable to access UKIB support. However, given that the UKIB website ( asks local and mayoral authorities to get in touch to discuss potential projects, the position appears to be that investment is now open to all (provided that the project in question meets UKIB’s objectives).