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Fourteen projects worth £10bn set for kick-start from UK Guarantees

Fourteen projects worth £10 billion have prequalified for UK Guarantees, CN has learned.

They include projects across transport, energy and hospitals with a capital value of £10bn.

The guarantees – where the government can use its balance sheet to underwrite projects and help secure finance - include a government guarantee on a £1bn loan for the Battersea Power station development and extension of the northern line.

London Mayor Boris Johnson has borrowed the money from the Public Works Loans Board, after requesting a loan and guarantee for the scheme.

Another previously announced scheme that could use the guarantee is the Crossrail rolling stock.

There have been 75 enquiries into the UK Guarantees so far.

If the 14 schemes proceed, they will not be officially revealed until financial close.

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