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Thursday, 14 January 2021 11:22

Sturgeon launches net-zero Scottish National Investment Bank

The Scottish National Investment Bank has officially opened for business with the completion of its first major investment. It is claimed to be the UK's first mission-led net-zero development bank and it is being capitalised by the Scottish Government with £2 billion over ten years.

The bank's proposed mission will include a focus on supporting Scotland's transition to net zero and harnessing innovation. It will provide patient capital – a form of long term investment - for businesses and projects in Scotland, and catalyse further private sector investment.

First Minister Nicola Sturgeon said: "The Scottish National Investment Bank will help to tackle some of the biggest challenges we face now and in the years to come, delivering economic, social and environmental returns.

Scottish National Investment Bank Launch captioned copy"It is hitting the ground running with its first major investment in M Squared Lasers – a great example of the ambitious and innovative companies we have here in Scotland that will be key to our economic recovery and future prosperity.

"The launch of the bank is one of the most significant developments in the lifetime of this parliament, with the potential for it to transform, grow and decarbonise Scotland's economy."

The £12.5 million investment in Glasgow-based laser and quantum technology company M Squared Lasers will support the company's further growth in Scotland.

Scottish National Investment Bank Chair Willie Watt said: "We are particularly pleased that our first investment is in M Squared which is at the cutting edge of innovation and is a recognised world-leader in its field."

Benny Higgins, Strategic Adviser to the First Minister on the establishment of the bank, said: "We could not have predicted that the current pandemic renders the need for mission-led investment even more vital to create a robust, resilient wellbeing economy in Scotland."

The Scottish National Investment Bank has now been formally established as a public limited company. State Aid approval for the establishment and capitalisation of the bank was received from the European Commission in November 2020. The bank's Chief Executive Eilidh Mactaggart was appointed in April 2020 and its non-executive directors are: Tracey Ashworth-Davies, Carolyn Jameson, Peter Knott, Jason McGibbon, Nicholas Moon, Candida Morley, Dr Jacqueline Redmond and Sir Jonathan Taylor.

www.thebank.scot