Question reference: S5W-30459
- Asked by: Tom Mason, MSP for North East Scotland, Scottish Conservative and Unionist Party
- Date lodged: 3 July 2020
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Current status: Answered by Fiona Hyslop on 20 July 2020
Question
To ask the Scottish Government what consideration it has given to increasing the planned funding settlement for the Scottish National Investment Bank to assist businesses that have been negatively affected by the COVID-19 pandemic.
Answer
The Scottish Government has taken a series of unprecedented policy actions in response to the crisis. This includes £2.3 billion of business support measures and a £230 million investment package to help stimulate Scotland's economy following the pandemic, covering construction, low carbon, digitisation, and business support. There is also a £62 million Energy Transition Fund, focussed on the North East, which will support businesses in the oil, gas and energy sectors over the next five years as they grow and diversify and which will help attract private sector investment to the region.
The Scottish National Investment Bank will be operational later this year. The Scottish Government is committed to capitalise the Bank by £2 billion over ten years and the Bank will have an important role to play in supporting a post-COVID recovery in the medium and longer term by investing patient capital in Scotland’s businesses and communities. The Bank will work with the business community and its private and public sector partners to help shape an economic recovery with fair work, inclusive growth and the transition to net zero emissions at its heart. It remains the intention that the Bank will not be the source of short-term working capital for businesses.