The new Scottish National Investment Bank will receive £2 billion in capital over ten years, Economy Secretary Keith Brown has announced.
Responding to the Implementation Plan drawn up by Benny Higgins and his Advisory Group for the new Scottish National Investment Bank, Mr Brown has confirmed to MSPs that Ministers have considered and accepted all 21 recommendations for the Bank and that a Bill will be brought forward in 2019 to establish and capitalise the Bank, following a consultation.
Mr Brown said the Bank will operate on a commercial basis, with an strong ethical focus, and will be independent from Ministers who will set strategic missions for the Bank. The Bank’s board will be responsible and accountable over decisions about where to invest and on what terms so that it fulfills the missions set for it. The Scottish Government is committed to establishing the new Bank as a public body in order to ensure direct alignment between the activities of the Bank and broader economic policy.
Economy Secretary Keith Brown said:
“I want to thank Benny Higgins and his Advisory Group for their work on developing an Implementation Plan for a new national investment bank for Scotland. The Cabinet has considered in detail the proposals outlined in Mr Higgins’ Implementation Plan, and has agreed that the Scottish Government will accept all 21 of the recommendations.
“Many countries around the world benefit from having national investment banks which provide patient, strategic investments that focus on the major economic challenges. National promotional banks play an important role in actively creating and shaping new markets and tackle big societal challenges.
“That is why we are committed to investing £2 billion over 10 years to capitalise the Bank. This scale is deemed to be ambitious, achievable and realistic, at a level that will make a material difference to the supply of capital to the Scottish economy and can lever in additional private investment.
“We will further refine its expectations of the Bank, and the missions set for it, through consultation with stakeholders. We will listen to their expectations and priorities for investment and governance of the Bank.”