Scottish National Investment Bank legislation passed

Legislation to establish a Scottish National Investment Bank was by the Scottish Parliament on 21 January.

The Bill for an Act of the Scottish Parliament to require the establishment of the Scottish National Investment Bank was introduced by the Cabinet Secretary for Finance, Economy and Fair Work Derek Mackay MSP on 27 February 2019.

The bank will aim to catalyse private investment to “achieve a step change in growth for the Scottish economy by powering innovation and accelerating the move to a net-zero emissions.” It is expected to be operational before the end of 2020. It will have an initial capitalisation of £2bn over 10 years with the aim that it will ultimately become self-financing.

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