Derek Mackay

The bill grants the necessary powers to set up the bank which will provide financing for businesses through their whole life cycle and for important infrastructure projects to catalyse private sector investment.

The bank will be a public limited company and ministers will be given the power to guide its strategic direction by setting missions that will address socio-economic challenges.

The Scottish government has committed to investing £2 billion over 10 years to capitalise the bank. The bank will be operational in 2020 investing in businesses and communities across Scotland.

Economy Secretary Derek Mackay said: “The bank will become a cornerstone in Scotland’s economic architecture supporting businesses across all stages of the business growth lifecycle, in addition to financing infrastructure to secure private sector investment.

“These steps will ensure we are delivering for the economy of today and ready to seize the opportunities of the future. With record low unemployment and further economic growth, we will continue to do all we can to stimulate the economy.”

Director of CBI Scotland, Tracy Black said: “The introduction of the Scottish National Investment bank (SNIB) bill is welcome news for the Scottish business community. If used effectively, the SNIB could have a transformative impact by encouraging the greater patient capital investment needed to support infrastructure development in the long-term and catalyse private sector investment.”