Bank of America has pledged to deploy $250 billion to support U.S. infrastructure, the latest big Wall Street bank to direct vast sums of private capital toward those projects.
The bank on Aug. 11 announced its Critical Infrastructure Finance Initiative, saying it will provide lending, investments, capital markets services, and banking and advisory offerings to support a “new wave of infrastructure investment.”
The financing will focus on three broad areas: digital infrastructure, including data centers and computing; energy and power infrastructure, including renewable energy generation and energy storage; and core infrastructure, such as critical minerals and mining.
“Meeting America’s growing infrastructure needs requires mobilizing capital at scale across increasingly interconnected sectors,” Karen Fang, Bank of America’s global head of infrastructure and sustainable finance, said in a statement….