Derek Mackay MSP has welcomed the unanimous passing of legislation in the Scottish Parliament to establish a Scottish National Investment Bank which will help encourage economic growth in Renfrewshire, Inverclyde and throughout Scotland.
The MSP for Renfrewshire North and West, in his role as Economy Secretary, Derek Mackay successfully led the Scottish Government’s case in the Stage 3 debate of the Scottish National Investment Bank Bill which gained backing from cross party politicians.
The bank, which is expected to be operational before the end of 2020, will have an initial capitalisation of £2 billion over 10 years with the aim that it will ultimately become self-financing.
Derek Mackay MSP said: “The Scottish National Investment Bank has the potential to transform Scotland’s society by powering innovation and building a high-tech, inclusive economy.
“Most importantly, the bank’s primary mission will be to face up to the global climate emergency by accelerating the just transition to net-zero carbon emissions. Harnessing private sector activity to achieve this has never been more important.
“Small businesses are the backbone of our economy in Renfrewshire, Inverclyde and across Scotland, and the bank will invest in firms and community projects looking to play their part in tackling the global climate emergency.
“We know from the experience of other countries that national investment banks can deliver real change, but this impact will not be delivered overnight. It will require determination, patience and support from partners right across Scotland.”
The new institution will direct investments that deliver economic, environmental and social returns, and help Scotland’s journey towards net-zero carbon emissions. It will aim to increase innovation, give support to small and medium size enterprises (SMEs), and build a high-tech and inclusive economy.