Establishment of National Bank takes step forward
Scottish National Investment Bank Bill published
A new national Bank will offer investment for companies and communities from 2020.
Legislation to support the establishment and capitalisation of the Scottish National Investment Bank has been published by the Scottish Parliament.
The new Bill grants the necessary powers to set up the Bank which will provide financing for businesses through their whole life cycle and for important infrastructure projects to catalyse private sector investment.
Due to be operational from 2020, the Bank will be a public limited company and Ministers will be given the power to guide its strategic direction by setting missions that will address socio-economic challenges.
The Scottish Government has committed to invest £2 billion over 10 years to capitalise the Bank.
Economy Secretary Derek Mackay said:
“Today’s Bill marks a significant step towards the establishment of the Scottish National Investment Bank.
“The Bank will become a cornerstone in Scotland’s economic architecture supporting businesses across all stages of the business growth lifecycle, in addition to financing infrastructure to secure private sector investment. These steps will ensure we are delivering for the economy of today and ready to seize the opportunities of the future.”
Strategic Adviser to the First Minister on the Scottish National Investment Bank Benny Higgins said:
"Today we mark another important milestone on the path to the creation of the Scottish National Investment Bank. The Bank will play a critical role in ensuring that the Scottish economy is structurally fit for thriving in the 21st century. To do so effectively, it is essential that the Bank pursues close collaboration with the enterprise agencies and other parties that contribute to the well-being of the Scottish economy.”