Yesterday (27 February 2019) a Bill to support the establishment and capitalisation of the Scottish National Investment Bank was introduced to the Scottish Parliament and this morning (28 February 2019) the Bill and associated documents have been published on the Scottish Parliament website.
The Bill places a duty on Scottish Ministers to establish the Scottish National Investment Bank as a public limited company and gives them the necessary powers to capitalise the Bank. Ministers will also be given the power to set the strategic direction of the Bank by the setting of missions that will address socio-economic challenges.
The Bank will provide financing for businesses through their whole lifecycle and finance important infrastructure projects to catalyse private sector investment. The Bank will be operational in 2020.
The Scottish Government has committed to investing £2 billion over 10 years to capitalise the Bank. This is ambitious and achievable and will help create a step change in the Scottish economy.
Read more HERE.