BofA to plow US$250 bil into critical infrastructure projects
Bank of America Corp unveiled a US$250 billion (RM1.02 trillion) initiative to invest in critical infrastructure across the US over the next year, joining its peers pushing for innovation across the country.
The investment is intended for projects including data centres and compute power, renewable-power generation, energy storage, natural gas, electricity transmission and critical minerals and mining. The goal is to support energy security, job growth and economic competitiveness, the bank said in a statement Wednesday.
“Without hard infrastructure, it’s difficult to preserve our competitiveness and leadership for the next generation,” said Karen Fang, global head of infrastructure and sustainable finance and co-head of global capital solutions, in an interview. “Old infrastructure has to be modernised.”
It is the latest in a string of infrastructure initiatives across US banks. Morgan Stanley this week announced its own US$1.5 trillion pledge to help with capital raising, financing and advisory over the next decade. The US is coping with ageing infrastructure as it also embarks on a massive buildout of artificial-intelligence data centre capacity, which is straining the power grid in places. The Bank of America pledge is not limited to the AI frenzy, focusing on sectors such as transportation and water systems as well.
The initiative is in addition to an earlier commitment by the bank to back US$1.5 trillion of sustainable-finance projects by 2030. Last year, larger competitor JPMorgan Chase & Co vowed to funnel US$1.5 trillion into industries that bolster US economic security and resiliency over the coming decade.
Source: theedgemalaysia