THE new UK Infrastructure Bank has announced the first ever project it plans to invest in – and it is based in the North East.
The bank, which launched in June 2021 to finance innovative infrastructure projects, tackle climate change and boost growth across the United Kingdom, will invest £107m in the new South Bank Quay at Teesworks.
The loan will see part of the former Redcar Steelworks site along the River Tees transformed into a 450-metre quay to service the offshore wind sector, providing opportunities for manufacturing, storage and mobilisation of wind technology.
The UK Infrastructure Bank deal will support around 800 jobs directly, with the potential to unlock thousands of jobs in total across the rest of the Teesworks site as development intensifies in the coming years.
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