The Scottish National Investment Bank has been formally established as a public limited company, according to a recent statement from the Scottish Government.
The United Kingdom’s first mission-led development bank is being capitalized by the Scottish Government with £2 billion ($2.6 billion) over 10 years and will focus on supporting Scotland’s transition to net-zero emissions.
“The Scottish National Investment Bank will help to tackle some of the biggest challenges we face now and in the years to come, delivering economic, social and environmental returns,” said first minister Nicola Sturgeon. “The launch of the bank is one of the most significant developments in the lifetime of this parliament, with the potential for it to transform, grow and decarbonise Scotland’s economy.”
According to the Scottish Government, the bank will provide patient capital for businesses and projects in Scotland, and catalyze further private sector investment.
