Scotland will soon have a new bank: The Scottish Investment Bank but it is not the kind of savings bank the we as customers would use on a daily basis. Agreed to by all political parties in the Scottish Parliament on 21st of January 2020, the new bank is about providing investment to stimulate the economy. It also has a strong environmental focus.
The new bank will begin investing in businesses and communities later this year.
Supported by the £150 million Building Scotland Fund and a further £340 million in 2021, the Bank will be operational in 2020 and will look to invest £2 billion in businesses and communities across Scotland in its first ten years.
The bank will have an important role in helping Scotland meet its ambitious climate change targets – forming part of the Scottish Government’s Green New Deal to kick-start investment and build the momentum needed to reduce emissions and create high quality jobs in the process.
Local MSP Maree Todd, SNP said:
“The Scottish National Investment Bank will help us reach our world-leading climate change targets while transforming communities here in the Highlands & Islands.
“Small businesses are the backbone of our local economy, that’s why the bank will invest in firms and community projects that are looking to play their part in tackling the global climate emergency.
“Individuals, and small local businesses, the length and breadth of Scotland are set to benefit from this historic move as we move towards a low carbon economy fit for the future. I look forward to seeing the bank’s impact in the Highlands & Islands.”
Click on this link for the Bill on The Scottish National Investment Bank
Derek Mackay Economy Secretary in the Scottish Government said:
“The Scottish National Investment Bank has the potential to transform Scotland’s society by powering innovation and building a high-tech, inclusive economy.
“Most importantly of all, the bank’s primary mission will be to face up to the global climate emergency by accelerating the just transition to net-zero carbon emissions. Harnessing private sector activity to achieve this has never been more important.
“We know from the experience of other countries that national investment banks can deliver real change, but this impact will not be delivered overnight. It will require determination, patience and support from partners right across Scotland.
“In passing this Bill today, the Scottish Parliament has taken the crucial first step towards creating an institution that is commercially minded and also publicly accountable to the people of Scotland.”
The result on the passing of the Bill was For 113, Against 0, Abstentions 0.
You can watch the whole debate here: