Around £3 billion of taxpayers' money has been used to fund the new financial venture and the coalition will mobilise additional private capital in order to allow the bank to make a significant contribution to the development of a thriving green economy in the UK.
Speaking at the new financial institution's base in Edinburgh, Dr Cable said that the Green Investment Bank had already made its first deal since it became operational, committing £8 million to a project in the north-east of England that aims to generate energy from waste.
He stated that although it had long been a key coalition pledge, the bank is now a reality.
"It will place the green economy at the heart of our recovery and position the UK in the forefront of the drive to develop clean energy, Dr Cable added.
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Source: The Sales Executive News