Missions approved for new Investment Bank

The new Scottish National Investment Bank has been set three core missions to ensure it addresses the “grand challenges” facing Scotland.

The missions have been confirmed to the Bank after being approved by MSPs. 

They state that the Bank should:

• drive the move towards net zero emissions. The Bank will invest to help Scotland become a leader in sustainable technology, services and industries

• promote inclusive growth through investment in areas such as employment, housing, education and local regeneration

• address demographic change and enable people to flourish by investing in innovation which helps businesses and organisations increase productivity, raise skill levels and develop a healthier population

In a statement to parliament today, Economy Secretary Fiona Hyslop said:

“The launch of the Scottish National Investment Bank is the single biggest economic development in the lifetime of this parliament.

“These missions address the grand challenges facing Scotland – the issues we know we must face to build a sustainable future.

“They will provide finance and catalyse private investment to achieve a step change in economic growth by powering innovation and accelerating the move to a net zero emissions, high-tech, connected, globally competitive and inclusive economy.

“The Bank is uniquely placed to address the challenges facing us by providing patient capital to support long term economic growth. Its mission-orientated approach provides an opportunity to influence the direction of economic recovery in the interests of the people of Scotland.”

Background

The Scottish National Investment Bank was formally launched by the First Minister on 23 November.

A copy of the Economy Secretary’s statement to the Scottish Parliament is available online.