New investment bank will help businesses in the north says MSP

Maree Todd MSP has said the new Scottish National Investment bank will help encourage economic growth across the Highlands and Islands after the bill to introduce the body was formally agreed to in Holyrood today.

A national investment bank is one created by a country's government, that provides financing primarily for the purposes of economic development of the country.

MSPs from all parties gave their backing to the Scottish Government’s blueprint for the investment bank that will begin investing in businesses and communities later this year.

Supported by the £150 million Building Scotland Fund and a further £340 million in 2021, the bank will be operational in 2020 and will look to invest £2 billion in businesses and communities across Scotland in its first ten years.

The bank will have an important role in helping Scotland meet its ambitious climate change targets – forming part of the Green New Deal to kick-start investment and build the momentum needed to reduce emissions and create high quality jobs in the process.

Maree Todd said: “The Scottish National Investment Bank will help us reach our world-leading climate change targets while transforming communities here in the Highlands and Islands.

“Small businesses are the backbone of our local economy, that’s why the bank will invest in firms and community projects that are looking to play their part in tackling the global climate emergency.

“Individuals, and small local businesses, the length and breadth of Scotland are set to benefit from this historic move as we move towards a low carbon economy fit for the future. I look forward to seeing the bank’s impact in the Highlands and Islands.”

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