The government has pledged to underwrite various infrastructure projects in sectors such as transport, energy and utilities.
Interested parties can submit a bid to Infrastructure UK at the Treasury to take advantage of the UK Guarantees programme.
It is hoped this will benefit those projects that have found it difficult to access private finance in recent years and have ground to halt as a result.
This could represent a considerable boost both to the construction industry and the wider UK economy.
Some £40 billion is being made available as part of the initiative and will be allocated to schemes that can commence within 12 months of being handed a financial guarantee from the government.
The coalition has also insisted it will only underwrite projects that are deemed to be "nationally significant" in line with last year's National Infrastructure Plan.
Other requirements laid out by Treasury include a need for developments to offer good value to the taxpayer and be "financially credible".
The form each guarantee will take will be considered individually, using what the government has described as a "robust assessment and approvals process".
George Osborne, the Chancellor of the Exchequer, said the government's efforts to tackle the UK's budget deficit have given it a "hard-won fiscal credibility".
He stated that UK Guarantees will use this to provide public guarantees of tens of billions of pounds worth of private investment in infrastructure.
Danny Alexander, chief secretary to the Treasury, added that this effort is "yet another example of the coalition working together to put its hard-earned economic credibility to work to increase growth".
He said the new measures will help to start work on lots of important infrastructure projects. This, he stated, would in turn create a "significant boost" for the economy and provide "lasting benefits" to many people in Britain.
The move has been welcomed by the CBI, which said it marks a "big step towards unlocking the £250 billion of investment needed" to renew the UK's national infrastructure.
