European Investment Bank

HM Treasury written question – answered on 22nd January 2018.

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Photo of Mary Creagh Mary Creagh Chair, Environmental Audit Committee

To ask the Chancellor of the Exchequer, how does his Department plan to replace European Investment Bank (EIB) investment in the UK after the UK has left the EU; and what assessment his Department has made of the effect of EIB funding on the UK's green industry.

Photo of Robert Jenrick Robert Jenrick The Exchequer Secretary

The European Investment Bank, and its offshoot, the European Investment Fund, provide financing for infrastructure investment and growth businesses in a range of sectors including renewable energy.

As set out in the joint report on progress during phase 1 of the negotiations, the government considers that there could be mutual benefit from a continuing arrangement between the UK and the EIB, and wishes to explore these possible arrangements in the second phase of negotiations.

The government is also continuing to take steps to ensure that finance continues to be available for good infrastructure projects and growth businesses: the UK Guarantees Scheme, which gives government support for private infrastructure finance, has been broadened to offer construction guarantees, and at Budget the Chancellor launched the Charging Infrastructure Investment Fund to support the transition to zero emission vehicles.

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