MSP hails new bank set-up

Airdrie’s MSP believes the new Scottish national investment bank will help encourage economic growth and“transform communities”in his constituency.

The new bank is to invest £2 billion in its first decade – in projects which“deliver economic, environmental and social returns, and help Scotland’s journey towards net-zero carbon emissions”.

It was approved at the Scottish Parliament earlier this month and is set to begin operating and investing in small- and medium-sized enterprises later this year.

Alex Neil, the Airdrie & Shotts representative, said:“The Scottish national investment bank will help us reach our world-leading climate change targets while transforming communities here in Airdrie & Shotts.

“Small businesses are the backbone of our local economy, which is why the bank will invest in firms and community projects that are looking to play their part in tackling the global climate emergency.

“Individuals and local businesses the length and breadth of Scotland are set to benefit from this as we move towards a low-carbon economy fit for the future, and I look forward to seeing the bank’s impact in North Lanarkshire.”

Former economy secretary Derek Mackay added that it“has the potential to transform Scotland’s society by powering innovation and building a high-tech, inclusive economy”.

He said:“Most importantly, the bank’s primary mission will be to face up to the global climate emergency by accelerating the transition to net-zero carbon emissions; harnessing private sector activity to achieve this has never been more important.

“We know from the experience of other countries that national investment banks can deliver real change; the Scottish Parliament has taken the crucial first step towards creating an institution that is commercially minded and also publicly accountable.”