Judith Collins reveals plan to create new bank for infrastructure projects

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National Party leader Judith Collins is unveiling National’s plan to create a new bank to provide finance and advice to central and local government on infrastructure projects, if elected.

Watch the National Party leader explain the policy here:

The Crown Financial Institution, named the National Infrastructure Bank, would consolidate existing agencies including Crown Infrastructure Partners, Green Investment, Provincial Growth Fund loans and residual holdings at Crown Irrigation Investments Limited.

Collins says the bank would offer institutional investors such as the Accident Compensation Corporation and NZ Super Fund an avenue to take on investment risk in New Zealand infrastructure assets.

“A key part of National’s plan to deal with the current economic and jobs crisis is to deliver world-class infrastructure that grows our economy and gets Kiwis back to work.

“To do that we have to invest, and every dollar borrowed must be spent wisely on projects that improve our economy and build productivity,” Collins said.

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National’s finance spokesperson Paul Goldsmith said major infrastructure projects require a co-ordinated, disciplined approach to planning and financing.

“We recognise the need for effective management of the vast sums of debt being borrowed to make sure it is carefully managed and well deployed.

“Our infrastructure bank will provide clear lines of accountability to not only ensure value-for-money, but also deliver tangible assets that underpin future development in the form of better resourced schools, health services, roads, water provisions and housing,” Goldsmith said.

Funding for the bank would come from baseline funding from the various agencies, but full costings are yet to be completed.

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