Scottish National Investment Bank given green light by MSPs

Stewart Stevenson says individuals and small local businesses, the length and breadth of Scotland, are set to benefit from this historic move
Stewart Stevenson says individuals and small local businesses, the length and breadth of Scotland, are set to benefit from this historic move

MSP Stewart Stevenson has said the new Scottish National Investment bank will help encourage economic growth across the North-east, after the bill to introduce the body was formally agreed to in Holyrood this week.

MSPs from all parties gave their backing to the Scottish Government’s blueprint for the investment bank that will begin investing in businesses and communities later this year – committing to invest at least £2 billion in its first ten years.

The bank will have an important role in helping Scotland meet its ambitious climate change targets - forming part of the SNP’s Green New Deal to kick-start investment and build the momentum needed to reduce emissions and create high quality jobs in the process.

Commenting, Mr Stevenson said: “The Scottish National Investment Bank will help us reach our world-leading climate change targets while transforming communities here in Banffshire and Buchan Coast.

“Small businesses are the backbone of our local economy, that’s why the bank will invest in firms and community projects that are looking to play their part in tackling the global climate emergency.

“Individuals, and small local businesses, the length and breadth of Scotland are set to benefit from this historic move as we move towards a low carbon economy fit for the future. I look forward to seeing the bank’s impact in the North-east.”