As we begin our recovery from the COVID pandemic, delivering a future of opportunity is ever more urgent.
That’s why the SNP Scottish Government is taking bold steps to grasp Scotland’s competitive advantage in high-tech, low-carbon technologies. Scotland can help shape the new world that’s being built.
The new Scottish National Investment Bank has now officially opened to support infrastructure investment, harness innovation, and support our vision for a more prosperous, fairer and greener future.
The first mission-led development bank in the UK
The Scottish National Investment Bank is the UK’s first mission-led development bank, and it’s being capitalised by the Scottish Government with £2 billion over ten years.
The Bank is a public body, but operates independently from government – providing it with the scope and the freedom to invest in projects and decide on how to deliver on the missions set by the Scottish Government.
The engine for Scotland’s green recovery
One of the Bank’s key missions is supporting Scotland’s transition to net zero by 2045, as set out in our groundbreaking Climate Change Bill that was hailed by the UN as “an inspiring example of the level of ambition we need globally to achieve the Paris Agreement“.
It is an ambitious step to rebalance our economy towards a greener future, create thousands of new high-quality jobs, and build up Scotland’s international competitiveness.
Long-term investment to future-proof Scotland
The new Bank will invest in businesses, projects and communities across Scotland by providing ‘patient capital’ – long-term investment, typically over 10-15 years, to help develop innovation and ensure the projects are sustainable.
It has already hit the ground running by investing in a cutting-edge Glasgow-based laser and quantum technology company, M Squared Lasers, to support its further growth in Scotland and support our growing high-tech industry.
A milestone in the lifetime of this Scottish Parliament
Launching the Scottish National Investment Bank, First Minister Nicola Sturgeon said:
“The Scottish National Investment Bank will help to tackle some of the biggest challenges we face now and in the years to come, delivering economic, social and environmental returns.
The launch of the bank is one of the most significant developments in the lifetime of this parliament, with the potential for it to transform, grow and decarbonise Scotland’s economy.”
Scotland’s new National Investment Bank has officially launched
It will be backed by £2bn of Scottish Government funding over the next decade
— Alan Smith (@Political_AlanS) November 23, 2020