Lloyds Banking Group has committed to supporting key UK infrastructure projects within the Government’s National Infrastructure Plan over the next three years. The Group will provide financial assistance to infrastructure initiatives that have a total project value of £30bn by the end of 2017.
Having effective infrastructure to meet the current and future needs, whether that is in transportation, energy, social infrastructure or telecommunications, is essential in driving long term economic growth and it is for this reason that this new target features within Lloyds Banking Group’s 2015 Helping Britain Prosper Plan.
Discussing the commitment, Guillaume Fleuti, Head of Infrastructure and Energy at Lloyds Bank Commercial Banking said:
“Supporting capital raising for essential infrastructure and energy projects is fundamental to delivering enhanced economic growth and developments for businesses, the regions and Britain as a whole.
“We launched the 2014 Helping Britain Prosper Plan in March last year. The strong progress we have made in the nine months since has encouraged us to look for further ways to support our clients and make a visible difference to Britain. We are proud to announce our commitment to supporting key UK infrastructure projects identified in the National Infrastructure Plan, which will deliver vital improvements to UK infrastructure that will aid economic growth and help Britain prosper.”
Lloyds Banking Group have been involved in recent major UK Infrastructure projects including Mersey Gateway Bridge, Intercity Express Programme, Thameslink, providing a range of financing solutions including bank debt, capital markets financing as well as risk management solutions.
Commenting on the commitment made by Lloyds Banking Group, Lord Deighton, Commercial Secretary to the Treasury said:
“Today’s announcement from Lloyds Banking Group is a real vote of confidence in the clear project pipeline we have created in the National Infrastructure Plan. It’s great to see banks getting involved in the financing options for these key projects, which are vital for our nation’s future growth and provide significant investment opportunities for the private sector.”
2014 Helping Britain Prosper Plan Highlights
Lloyds Banking Group has met, or exceeded, 20 out of the 25 targets it set itself last year,
· 1.41m customers helped to plan for later life – with a company pension
· £1bn increased new funding support for UK manufacturing businesses – which accounts for more than half of Britain’s exports and around 75% of business research development
· 29% female senior leaders – up from 27%
· 949,600 hours volunteered – significantly exceeded the paid volunteering hours target for colleagues to support community projects in 2014
· £6.5m raised for the Group’s Charity of the Year – beating its target of £2m through colleague fundraising and matched funding over 2013/2014
· £1m of additional funding to support Credit Unions – the £235,000 invested in the Church of England’s Credit Champions initiative has helped to train around 300 Credit Champions who, in turn, will bring at least 3,000 more people into Credit Union schemes
The 28 metrics included within the 2015 Plan and those included within the 2014 Plan can be found attached.