Scottish National Investment Bank given final go-ahead
The bill to establish a Scottish National Investment Bank has passed its final stage in the Scottish Parliament.
MSPs voted unanimously, although with some expressed reservations, in favour of the new institution, which will direct investments that deliver economic, environmental and social returns, support small and medium sized enterprises, and help build a high-tech economy.
The bank is expected to be operational before the end of the year. It will have an initial capitalisation of £2 billion over 10 years with the aim that it will ultimately become self-financing.
Finance Secretary Derek Mackay said: "The Scottish National Investment Bank has the potential to transform Scotland’s society by powering innovation and building a high-tech, inclusive economy.
"Most importantly of all, the bank’s primary mission will be to face up to the global climate emergency by accelerating the just transition to net-zero carbon emissions. Harnessing private sector activity to achieve this has never been more important.
"We know from the experience of other countries that national investment banks can deliver real change, but this impact will not be delivered overnight. It will require determination, patience and support from partners right across Scotland."
Four the Conservatives, Dean Lockhart MSP said that transformational change would happen "only if the bank is part of a coherent economic policy framework and where there is absolute clarity on strategy and objectives".
Scottish Labour leader Richard Leonard MSP claimed a more proactive economic and industrial strategy was needed, while for the Greens Andy Wightman MSP complained that there SNP and CVonservatives had "lacked the courage" to support his party's amendments to include commitments against climate change.