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Milestone for Building Scotland Fund

Paving the way for the Scottish National Investment Bank.

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Housing, regeneration and industrial and commercial developments are being supported by investments of £100 million through the Building Scotland Fund (BSF).

The fund, backed by £150 million in total, was established as a precursor to the Scottish National Investment Bank and has the same values, principles and ambitions.

Economy Secretary Derek Mackay marked the milestone with a visit to see progress made on the refurbishment of the 55 Douglas Street office development in Glasgow, which has benefitted from £12 million from the fund.

Mr Mackay said: “I am delighted that the Building Scotland Fund has now agreed investments of £100 million, unlocking projects in excess of £238 million and providing a significant boost to the Scottish economy.

“This milestone is an important step not only for the Building Scotland Fund but also lays a strong foundation for the Scottish National Investment Bank – paving the way for it to become a cornerstone institution for Scotland’s economy.

“A total of £25 million of BSF funding is being invested in projects through the SPRUCE urban regeneration fund. This includes the new high-spec refurbishment at 55 Douglas Street which is helping to revitalise Glasgow’s city centre and bring additional capacity for business and jobs.

“BSF has also agreed investments of £75 million in a range of housing projects, from large-scale transformational projects to smaller developments being delivered by small to mid-size enterprise housebuilders. This is supporting the development of more than 5,500 homes and around 600 full time jobs.”

The £150 million Building Scotland Fund is a precursor to the Scottish National Investment Bank and reflects the principles behind it. The BSF is available to non-public sector organisations, including businesses, housing associations and universities, to support the development of house building across all tenures, to develop industrial and commercial space and support business-led research and development.

Scottish Enterprise, Highlands and Islands Enterprise, the Scottish Funding Council and the Scottish Futures Trust are working with the Scottish Government to deliver the fund and bring forward a pipeline of projects.

Funding of £25 million is supporting further investment by SPRUCE (Scottish Partnership for Regeneration in Urban Centres). SPRUCE is an evergreen fund, managed under an agreement between Scottish Ministers, the European Investment Bank (EIB) and Amber Infrastructure, which invests in regeneration, property and sustainable energy projects across Scotland. 

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