EIB to outline new innovation financing for Scottish companies and announce record university investment
- Release date: 22 February 2016
- Reference: 2016-049-EN
Senior representatives from the European Investment Bank, Europe’s long-term lending institution and the world’s largest international public bank, will visit Scotland this week.
During the first high level visit by the European Investment Bank to Scotland in 4 years, the EIB delegation will meet the First Minister, brief more than 100 entrepreneurs and business leaders on new financing opportunities for innovation focused Scottish in Glasgow and announce record support for new university investment in Edinburgh.
Over the last decade the European Investment Bank has provided more than GBP 3 billion for direct investment in Scotland, with additional investment from UK wide programmes.
The European Investment Bank is directly owned by the EU member states, including a 16% share by the UK government, and last year provided EUR 84 billion for investment across Europe and around the world.
Nicola Sturgeon, First Minister of Scotland said: “I am pleased that Scotland has consistently established itself as a great place for the European Investment Bank to invest. We will continue to work closely with The European Investment Bank to build on our existing relationship in order to increase investment in innovation enterprises and infrastructure that will benefit all.”
“The European Investment Bank recognises new opportunities to increase support for infrastructure and innovation investment across Scotland, and improve access to finance for Scottish small business. 2015 represented a record year for the EIB’s engagement across the United Kingdom, providing GBP 5.6 billion to support more than GBP 16 billion of overall investment, including backing new hospitals in Edinburgh and Dumfries, improved energy infrastructure and smart meters in homes across Scotland. I am confident that this visit will help to ensure that opportunities to build on Scotland’s world class strengths by unlocking new innovation, improving crucial services and back long-term investment are not lost.” said Jonathan Taylor, European Investment Bank Vice President.
On Monday at the University of Strathclyde Technology and Innovation Centre, representatives of the European Investment Bank, Scottish Enterprise and the CBI, will brief more than 100 company representatives and business leaders on new financing opportunities to support innovative companies. This includes financing by the European Investment Bank under the pan-European InnovFin programme and the new EUR 315 billion Investment Plan for Europe, and by the SME focused European Investment Fund.
On Tuesday morning the European Investment Bank will announce record new support for investment at the University of Edinburgh that represents the EIB’s largest ever loan for a European University. This is the second significant EIB loan signed with Professor Sir Timothy O'Shea, University of Edinburgh Vice-Chancellor and Principal. A GBP 50 million European Investment Bank loan agreed 4 years ago has improved teaching and research facilities and refurbished the main library.
Jonathan Taylor and the European Investment Bank delegation will meet First Minister Nicola Sturgeon and senior representatives from Scottish Enterprise, Scottish Development International, the Business Development Bank and Scottish Futures Trust to discuss the EIB’s engagement and opportunities to broaden our support for crucial investment in Scotland.
“The European Investment Bank works closely with devolved administrations across Europe and wants to ensure that where useful investment in Scotland can benefit from the EIB’s financial and technical support. Having examined Scotland’s latest budget and the National Planning Framework the EIB sees new opportunities to work with the Scottish Government to help deliver investment that improves lives, unlocks economic opportunities and strengthen services that benefits people across Scotland.” added Jonathan Taylor.
Over the last decade the European Investment Bank has directly provided more than GBP 3 billion for long-term investment in projects in Scotland, and many other schemes, such as the EIB’s largest ever loan, supporting UK wide investment by National Grid, include a strong Scottish element.
The European Investment Bank has supported crucial investment across Scotland since a loan for Peterhead power station in Aberdeenshire was agreed in 1974. This includes financing for new hospitals currently being built at the Edinburgh Sick Children’s Hospital and Dumfries and Galloway Infirmary, as well as the Forth Valley Royal Hospital which is now one of the most modern and well equipped hospitals in Europe which has been purpose-built to provide the very highest standard of accommodation and facilities for patients, visitors and staff.
Transport investment backed by the European Investment Bank includes the final motorway link between Glasgow and Edinburgh, the new Aberdeen Western bypass, M6, M8 and M80 motorways, and Glasgow Airport.
Education investment in Scotland supported by the EIB include the new Technology and Innovation Centre at Strathclyde University, City of Glasgow College, and schools in Dumfries and Galloway, Argyll and Bute, North Lanarkshire, Glasgow, Edinburgh and the Highlands.
The EIB has also backed investment in renewable energy and energy infrastructure across Scotland, including support for Scottish Hydro, SSE, SGN and Scottish Power Networks.
In recent years the EIB has also supported social housing investment by local housing associations across Scotland in partnership with the Housing Finance Corporation and helped to improve mobile telephone networks in rural areas.