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Wed May 29 2024

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Three missions set for Scottish investment bank

3 Dec 20 Three core missions have been confirmed for the new Scottish National Investment Bank.

Members of the Scottish parliament have confirmed the missions, which are intended to ensure that the bank addresses the ‘grand challenges’ facing the country.

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, 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.”

The Scottish National Investment Bank was formally launched on 23rd November.

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