Aviva is to make GBP500 million available in the first tranche of the insurance industry's commitment to invest GBP25 billion in UK infrastructure over the next five years.The group expects to allocate new money for debt financing of projects including transport, utilities, hospitals and schools.It comes two weeks after the wider investment commitment announced together with firms including Friends Life, Legal & General , Prudential, Scottish Widows and Standard Life . The GBP25bn pledge followed changes in European rules, backed by the UK , which incentivise investment in a wide range of assets.Aviva said the latest rules provide greater certainty for insurers to invest in infrastructure assets.Chief executive Mark Wilson said: We now have the political and regulatory foundations to invest in the country's infrastructure."Aviva is contributing the building blocks of the UK's future, making an additional GBP500m available immediately to invest in schools, hospitals and transport. We'll focus on investments which are good for our policyholders, good for society and good for the UK economy."Aviva already has GBP5bn invested in a range of UK infrastructure assets, including PFI loans for social infrastructure such as schools, universities and hospitals, as well as investments in corporate bonds of utility, airport and rail companies.The company expects the new funding will involve debt financing of UK infrastructure projects. It is already evaluating a number of potential investment opportunities.
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