On 18 October 2012, Vince Cable, the business secretary, announced the approval by the EC for the Green Investment Bank (GIB), "world's first investment bank solely dedicated to greening of the economy." The bank is expected to begin operations at the end of November 2012. Capitalised with Ł3bn of government funds, the bank will aim to support green investment projects of companies in the UK. While the potential for financing trade-distorting project exists, a review of the projects funded or co-funded to date by the GIB reveals that (a) foreign firms have received financial support as well as domestic firms and (b) that promoting exports has not been mentioned as an objective of any project financed. Furthermore, competitiveness considerations are listed as part of the criteria for allocating funds.