Infrastructure

HM Treasury written question – answered on 11th March 2015.

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Photo of Nicholas Soames Nicholas Soames Conservative, Mid Sussex

To ask Mr Chancellor of the Exchequer, what steps he is taking to increase the issuance of infrastructure project bonds; and if he will make a statement.

Photo of Danny Alexander Danny Alexander The Chief Secretary to the Treasury

Project bonds are an important way of financing infrastructure from capital markets and the Government is supporting the use of project bonds for infrastructure in a number of ways.

The UK Guarantees Scheme (UKGS) helps infrastructure projects access capital market finance by enabling them to issue government-backed bonds.

The UKGS is a temporary intervention and is due to close in December 2016. The government will be engaging with industry on the future of the Scheme over the coming months.

The Government also supports the development of project bonds through the European Commission and European Investment Bank’s Project Bond Initiative. The Project Bond Credit Enhancement (PBCE) under this initiative is supporting the project bond market by improving the credit quality of senior bonds issued by project promoters through a loan or contingent facility provided by the EIB.

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