The Scottish Government said on Wednesday the new Scottish National Investment Bank has been set three core “missions” to ensure it addresses the “grand challenges” facing Scotland.
It said the “missions” have been confirmed to the new bank after being approved by MSPs.
The missions set by the Scottish Government state that the new bank should:
- drive the move towards net zero emissions. The Bank will invest to help Scotland become a leader in sustainable technology, services and industries
- promote inclusive growth through investment in areas such as employment, housing, education and local regeneration
- address demographic change and enable people to flourish by investing in innovation which helps businesses and organisations increase productivity, raise skill levels and develop a healthier population
Infrastructure investment specialist Eilidh Mactaggart was appointed the first CEO of the “mission-based’ Scottish National Investment Bank in April.
The Scottish Government has committed to investing £2 billion to capitalise the new bank over 10 years, “enabling it to become a cornerstone institution in the Scottish economy.”
Mactaggart previously worked for MetLife Investment Management, Commonwealth Bank of Australia and ABN Amro Bank N.V., and has led large scale investments in social infrastructure like schools, universities, hospitals and social housing, transport infrastructure like ports, roads and airports, and regulated utilities and renewable energy.
In a statement to parliament on Wednesday, Economy Secretary Fiona Hyslop said: “The launch of the Scottish National Investment Bank is the single biggest economic development in the lifetime of this parliament.
“These missions address the grand challenges facing Scotland – the issues we know we must face to build a sustainable future.
“They will provide finance and catalyse private investment to achieve a step change in economic growth by powering innovation and accelerating the move to a net zero emissions, high-tech, connected, globally competitive and inclusive economy.
“The Bank is uniquely placed to address the challenges facing us by providing patient capital to support long term economic growth.
“Its mission-orientated approach provides an opportunity to influence the direction of economic recovery in the interests of the people of Scotland.”