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European bank exploring investment opportunities in Scotland

Edinburgh University is set for major financial backing from EIB
Edinburgh University is set for major financial backing from EIB

A delegation from the European Investment Bank (EIB) is in Scotland this week to identify new investment opportunities across the country.

EIB said it had supported investment in Scotland ever since a loan for Peterhead power station in Aberdeenshire was agreed in 1974.

In the last decade alone, it has stumped up more than £3billion for long-term investment in projects in Scotland.

The Aberdeen city bypass, which is currently under construction, was one such project to have received EIB backing.

Today in Glasgow, the delegation will brief more than 100 Scottish business leaders on new financing opportunities to support innovative companies.

Tomorrow the group will be in Scotland’s capital to reveal the details of a loan for the Edinburgh University and will meet First Minister Nicola Sturgeon.

EIB said the loan would be the biggest it has handed to a European university.

It comes at a time when universities in the north and north-east of Scotland are reeling from the news they will suffer grant reductions from the Scottish Government totalling almost £6million next year.

Ms Sturgeon said: “I am pleased that Scotland has consistently established itself as a great place for the EIB to invest.

“We will continue to work closely with EIB to build on our existing relationship in order to increase investment in innovation enterprises and infrastructure that will benefit all.”

Jonathan Taylor, EIB vice president, said: “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.

“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.”