THE three primary aims of Scotland’s new investment bank have been set out by the Economy Secretary.
Fiona Hyslop, who has described the bank as “the single biggest economic development of the lifetime of this Parliament”, announced the finalised “missions” in Holyrood yesterday.
The Scottish National Investment Bank (SNIB) was launched last week, with its first investment announced as being in laser and quantum technology firm M Squared.
Its first mission is to aid Scotland’s transition to a net-zero economy through driving investment in businesses tackling climate change and its impacts.
A second “place-based mission” aims to build more houses through the More Homes Scotland approach, as well as to bring empty properties back into use and the use of “innovative” funding models.
Overall, the aim of this mission is to reduce inequality in Scotland.
READ MORE: How the National Investment Bank can help Scotland reach its potential
A third “people mission” will lead to investment in innovative technology so organisations can “increase productivity, and to raise skills levels in the economy”.
The Economy Secretary said: “These missions represent the directions that the Scottish Government would like the bank to focus their investments in order to provide finance and act to catalyse private investment to achieve a step change in growth for the Scottish economy by powering innovation and accelerating the move to a net-zero emissions, high-tech, connected, globally-competitive and inclusive economy.”
Hyslop said while the missions will direct the bank’s activity, the Scottish Government does not seek to “constrain” it.
She continued: “Ultimately the bank will be required to invest in opportunities in line with its vision, objects, missions and ethical standards.”
In total, £2 billion has been pledged to the SNIB in its first decade, with £75 million for the rest of this year and £200m for 2021-22.
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