British Cycling will establish a number of participation programmes linked to the government sport strategy after winning investment from HSBC UK.

The global banking organisation has signed an eight-year agreement to be the national governing body’s lead partner, starting on 1 January 2017.

HSBC will work with British Cycling to encourage participation at grassroots level, and the partnership is “closely aligned” to Sporting Future, which emphasises the importance to taking part for physical and mental wellbeing, individual development, social development and economic development.

The pair are working on events and programmes, including several mass participation events to “get millions of people on their bikes. They are also organising major cycling events and further elite-level projects.

Ian Drake, chief executive of British Cycling, said he wanted the organisations to “help transform an increasingly inactive and unhealthy nation through cycling”.

“I hope this partnership will help grow the sport further at all levels – increasing participation in the sport and nurturing the next generation of talent,” added sports minister Tracey Crouch, who unveiled Sporting Future in December last year.