Joint investment

SNIB and UKIB sign collaboration agreement

Al Denholm
Al Denholm: excited

The Scottish National Investment Bank (SNIB) and the UK Infrastructure Bank (UKIB) have agreed to work closely together to leverage more private investment into Scotland.

Through a memorandum of understanding (MoU) the banks will remain independent but share sector insights and development opportunities, including co-financing of some projects.

Since their respective launches the banks have collaborated on the development of the offshore wind industry, and the MOU is designed to create more opportunities to unlock more large-scale opportunities.

SNIB controversially saw £60 million wiped from its allocation by Finance Secretary Shona Robison in December’s Scottish Budget and will hope to access support from UKIB which has £22bn to deploy. For private sector transactions, UKIB has a minimum investment size of £25m.

SNIB CEO Al Denholm said: “We both recognise that cooperation and collaboration can leverage our investment impact and we are excited to build on the good work we have already done together.”

UKIB CEO John Flint added: ”We look forward to working more closely with the Scottish National Investment Bank and drawing on their insight into the local market to accelerate investment opportunities in Scotland.”

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