GLASGOW City Council has partnered with the UK Infrastructure Bank (UKIB) in a bid to accelerate the development of the proposed Clyde Metro.
The plans represent a multi-billion pound investment over a 30-year period which would better connect more than 1.5 million people in and around Glasgow.
UKIB has been working with the council to support the development of financial and commercial plans for the mass transit project, with a series of workshops already having been held with regional stakeholders and representatives from the public and private finance sector to explore funding options for the project.
The new pilot project marks the beginning of a wider strategic relationship with UKIB, who will review the local authority’s broader net zero investment work and seek to identify further areas for future collaboration or possible lending.
Councillor Susan Aitken, leader of Glasgow City Council and chair of Glasgow City region cabinet, said, “Clyde Metro will be transformational across the west of Scotland, a catalyst for major economic growth and development, and social and educational opportunities while also making a huge contribution to our decarbonisation agenda.
“This collaboration with UKIB will help us further explore those critical funding and investment options for Clyde Metro, inform early engagement with potential partners and identify the financial structures necessary to support large scale mass transit projects and the wider net zero transition agenda.
“In progressing the vital discussions around the resourcing of Clyde Metro we can then begin to talk to our citizens about routes and destinations, about timetables for delivery and about the transformational benefits it will have for them and their communities.”
John Flint, CEO of the UK Infrastructure Bank, added, “Local authorities have a pivotal role to play in the journey to net zero and supporting regional and economic growth – the twin missions of the Bank.
“It is a privilege to work with Glasgow so we can better understand how the Bank can help local authorities to build the capabilities and financial expertise they need to drive the transition to a net zero, climate resilient, thriving economy.”