Scots Now Have the Scottish National Investment Bank
Posted on 11/24/2020
The Scottish National Investment Bank (SNIB) is a public-owned financial institution which is intended to deliver infrastructure development and strategic investments. The bank was formally launched in November 2020. The bank is public corporation, with the only shareholder being the Scottish Government. SNIB will be backed by £2 billion of Scottish government funding over the next decade. SNIB’s primary goal is to assist Scotland to move to net-zero carbon emissions, while providing funding for Scottish small and medium-size enterprises.
SNIB made its inaugural investment, a £12.5 million investment, in a Glasgow-based laser technology firm called M Squared.
MSPs unanimously passed plans for the bank in January 2020. The Scottish National Investment Bank Bill was introduced to the Scottish Parliament on 27 February 2019.