New Scottish National Investment Bank 'can boost Fife economy'

The new Scottish National Investment Bank could help encourage economic growth across Fife, according to one MSP, after the bank officially opened for business this week.

Tuesday, 24th November 2020, 11:56 am
Updated Tuesday, 24th November 2020, 12:30 pm
Kirkcaldy MSP David Torrance.

Kirkcaldy MSP David Torrance hailed the new investment bank, which aims to invest in local businesses and communities with green projects.

The Scottish Government has committed at least £2 billion of investment to support the UK’s first mission-led development bank over the next ten years.

The bank will now help Scotland meet its ambitious climate change targets and attempt to create high quality jobs in the process.

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First Minister Nicola Sturgeon said it is “one of the most significant developments in the lifetime of this parliament”.

Mr Torrance welcomed the launch of the new bank, and said that he looked forward to seeing how it could benefit the Kirkcaldy constituency.

He said: “The Scottish National Investment Bank will help us tackle some of the biggest challenges we now face, as we transform, grow and decarbonise Scotland’s economy.

“Small businesses are the backbone of our local economy, that’s 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 small local businesses, across the country will benefit from this historic move and help us reach our world-leading climate change targets. I look forward to seeing the bank’s impact in the Kirkcaldy constituency.”

MSPs previously passed plans for the bank in January, and it launched yesterday, unveiling Glasgow-based laser technology firm M Squared as its first investment.