Bank of America (NYSE:BAC) has launched a US$250 billion ($353 billion) infrastructure financing initiative that will include investment in critical minerals and mining projects across the US.
The Critical Infrastructure Finance Initiative was announced as the bank marks its 250th anniversary and is aimed at supporting infrastructure considered important to US economic growth, energy security, and technological development.
Bank of America says the US$250 billion will cover financing, investment, and advisory solutions, with capital to be mobilised and deployed over an 18-month period ending 4 July 2027.
The initiative will focus on three main areas: digital infrastructure, energy and power, and core infrastructure.
Digital investments will include data centres, computing infrastructure, telecommunications, and semiconductors, while the energy and power segment will cover conventional and renewable generation, energy storage, and distribution systems.
Core infrastructure will include transportation, electricity and energy transmission, grid optimisation, water systems, as well as critical minerals and mining.
“As America marks its 250th year, this initiative reflects our confidence in the country’s future and the investments that will shape it,” Bank of America Co-President Jim DeMare says.
“The infrastructure that powers our economy, strengthens our energy security, and secures our technological leadership will drive growth, create jobs, and define America’s next chapter.”
Karen Fang, Global Head of Infrastructure & Sustainable Finance and Co-Head of Global Capital Solutions, says meeting the country’s infrastructure needs will require capital to be deployed across increasingly interconnected sectors.
“Delivering these projects requires integrated financing solutions spanning corporate and project-level capital in both public and private markets,” Fang says.
The initiative will be led by Bank of America’s Global Capital Solutions and Global Infrastructure & Sustainable Finance teams, with support from all eight of the bank’s business lines.
Write to Jackson Chen at Mining.com.au
Image: Bank of America
