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28/08/20 09:25

Core missions for Investment Bank

New body to drive economic recovery.

Three core missions for the new Scottish National Investment Bank have been laid before Parliament for consultation.

The core missions focus the Bank’s activities on addressing key challenges and creating inclusive, long-term economic growth. This will enable the Bank to play a significant role in supporting Scotland’s economic recovery from coronavirus (COVID-19).

The proposed missions aim to support:

  • the just transition to net zero emissions by 2045
  • creating opportunities and reducing inequalities
  • harnessing innovation in response to demographic challenges

The Bank is on schedule to launch by the end of the year and the Scottish Government has committed to capitalising it with £2 billion over ten years.

Economy Secretary Fiona Hyslop said:

“The Scottish National Investment Bank provides a unique opportunity to influence the direction of Scotland’s economy. It will play an important role during recovery from COVID-19 through long-term investment in our businesses and communities.

“These proposed missions will steer the Bank’s investment strategy to address the big challenges facing Scotland - a very different ethos to that typically followed by private investment institutions. There is extensive support for this approach and a significant appetite from Scotland’s investment community to co-invest with the Bank.

“By supporting innovation, driving green development and promoting inclusive economic growth, the Bank can help deliver our vision of a globally competitive, sustainable and fairer economy.

“The Bank’s launch will lead a step change in our measures to boost Scotland’s economic growth.”

Background

The Proposal to Set Missions for the Scottish National Investment Bank is available online.

The document will be laid in the Scottish Parliament for consultation for 40 days.

The Scottish National Investment Bank is wholly owned by Scottish Ministers on behalf of the people of Scotland but will be operationally and administratively independent of Government.