The UK Infrastructure Bank (UKIB) and the Scottish National Investment Bank (SNIB) have signed a Memorandum of Understanding (MOU), cementing a ‘close working relationship and shared ambition to attract additional private investment into Scotland.’

Both banks are government owned yet operate independently to invest public capital on a commercial basis to deliver wider social, environmental, and economic impacts.

Through the MOU, the banks will continue to share sector insights and intelligence, impact analysis, thought leadership and development opportunities which will be beneficial to both organisations in meeting their policy objectives.

Whilst the Banks will continue to support separate projects in Scotland, in line with their individual mandates, the MoU will help facilitate discussions on opportunities that would benefit from co-financing by both parties.

Speaking about the development, UKIB CEO John Flint said:  ”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.”

SNIB CEO Al Denholm added: “We’re delighted to strengthen our working relationship with UKIB and deliver more for the people of Scotland. 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.”

Recommended reading

• Female-Founded AI Startups Left Out of VC Funding
• Q1 VC Funding at Lowest Level Since Pre-Pandemic
• KPMG: VC Investment in Scots Firms Almost Halved in 2023

UKIB has £22bn to deploy in infrastructure projects which tackle climate change and drive regional and local economic growth, across the whole of the UK. This includes £4bn for local authorities with eligible projects, with a minimum ticket size of £5m, alongside commercial and financial advisory services. For private sector transactions, UKIB has a minimum ticket size of £25m.

SNIB invests in Scottish businesses, projects and communities to deliver long-term environmental, social and financial returns for the people of Scotland. It finances businesses and projects in Scotland that have debt or equity requirements between £1m and £50m and align to its missions of achieving a just transition to net zero, improving equality and opportunity, and harnessing innovation.