We are not convinced the Bank has a strategic view of where it best needs to target its investments. The Bank’s 10 deals to date have mostly been relatively conventional investments, including seven loans. While the Bank’s early deals reflected a sensibly cautious approach, it is not yet capable of making the full range of investments it could potentially make, and will not be able to do so until it has sufficient staff qualified to make more complex transactions. The Bank claims to be filling gaps in the market and making investments the private sector would not consider, but so far the Bank has provided financing to deliver broadband and build solar farms, both relatively common projects. The Bank struggled to articulate the priority areas for investment, and how it will recruit staff necessary to fulfil its role. The Bank can only deliver on the government’s ambition and wider objectives if it moves beyond making “safe” investments, because the scale of the challenge is so severe. The Bank has not demonstrated it has a clear idea of how its investments complement each other and provide additionality. In addition, they are not yet making direct equity investments, instead investing through equity funds. Recommendation: The Bank should write to the Committee within 3 months outlining its investment strategy for making a full range of investments, including a timeline for when it expects to be making deals proactively.