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Welcoming the announcement today by Business Secretary Vince Cable that the UK GIB is to receive an additional 拢800m for 2015/16, Scottish Secretary Michael Moore said:

鈥淭his is excellent news for the UK Green Investment Bank, and demonstrates the UK Government鈥檚 continuing commitment to the success of this ground-breaking, Edinburgh-headquartered institution. On top of the initial 拢3bn of UK Government money provided to capitalise the Bank, it means that the UK GIB will be able to allocate a total of 拢3.8bn to key sectors such as offshore wind and energy efficiency in the period to 2016.

鈥淚n its first five months of operation, the Bank has generated 拢3 of private sector investment for every 拢1 it has invested, in projects that are expected to reduce greenhouse gas emissions by the equivalent of taking 1 million cars off the UK鈥檚 roads. Those figures show what great potential exists for the Bank to be an enduring institution that plays a transformative role in our low carbon economy.

鈥淚n doing so, the Bank will be drawing on world-renowned expertise in the Scottish financial and green sectors, while benefiting from a strong transaction team in London with excellent links into the City. This partnership between two of the UK鈥檚 leading financial centres exemplifies the strengths of the United Kingdom and Scotland鈥檚 place in it. Together we can harness strengths that apart we could not.鈥�

Note to editors

1. Further information on Vince Cable鈥檚 announcement can be found here.

2. The UK GIB was launched in November 2012 with 拢3 billion of funding from the UK government. It is the first bank of its kind in the world. It is a 鈥渇or profit鈥� bank, whose mission is to accelerate the UK鈥檚 transition to a greener economy, and to create an enduring institution, operating independently of government. Further information including the annual report can be found at www.greeninvestmentbank.com.