CHARLOTTE (dpa-AFX) - Wednesday, Bank of America Corporation (BAC) announced the launch of the Critical Infrastructure Finance Initiative, aiming to help strengthen and modernize America's infrastructure as well as support job growth in the U.S.
The initiative, introduced in celebration of America's 250th anniversary, intends to mobilize and deploy $250 billion through July 4, 2027, to support U.S. infrastructure development through financing, investment and advisory solutions.
The company's financial activity will target three broad infrastructure categories- digital infrastructure, such as data centers and computing infrastructure; energy and power infrastructure, such as renewable power generation and other energy distribution systems; and core infrastructure, such as transportation, water systems and critical minerals and mining.
The effort will be led by Bank of America's Global Capital Solutions and Global Infrastructure & Sustainable Finance.
'By bringing together capital providers, developers, corporations and investors, we are focused on helping accelerate investment in infrastructure that drives economic growth and creates lasting value for communities,' said Karen Fang, Global Head of Infrastructure & Sustainable Finance and Co-Head of Global Capital Solutions at Bank of America.
In the pre-market hours, BAC is trading at $63.91, down 0.13 percent on the New York Stock Exchange.
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