The Scottish National Investment Bank (SNIB) has officially opened for business today with a mission to support Scotland’s transition to net zero emissions by 2045, in addition to investing in enhancing innovation and “equality of opportunity through improving places”. Established by the Scottish Government with a mission to invest £2bn over 10 years, the new development bank aims to provide patient capital through long-term investments in businesses and projects in Scotland, de-risking projects to catalyse further investment from the private sector. The launch comes just days before UK Chancellor Rishi Sunak is reportedly expected to announce plans for a new UK Development Bank with a clear net zero remit as part of the Treasury’s Spending Review.
Business Green 23rd Nov 2020 read more »
Edinburgh Reporter 23rd Nov 2020 read more »