The European Investment Bank (EIB) is Europe’s long-term lending institution and provides funding on top of the EU budget (to be clear, funding from the EIB is in the form of loans). EIB funding went directly to the Scottish Government on a project by project basis, and allowed for greater flexibility in investment decisions. The SNP Government had huge success in using EIB funding in order to turn Scotland away from the ruinously expensive PPP/PFI (Public Private Partnership/Private Finance Initiative) projects, delivering much-needed capital investments to get us through the recession, and delivering more value to the Scottish taxpayer.[1]
- In February 2014 the EIB agreed to loan £175 million towards upgrading the M8 between Glasgow and Edinburgh.[2]
- In 2015, £109 million was authorised for the construction of a new District and General Hospital in Dumfries and a further £83 million for the new Royal Hospital for Sick Children in Edinburgh.[3]
- [1] For further information on Non-Profit Distributing (NPD) vs Public Private Partnership/Private Finance Initiative (PPP/PFI) see: ‘Statistical information relating to NPD and PPP/PFI projects in Scotland’, The Scottish Government, 17 December 2014.
- [2] ‘EIB agrees GBP 175m backing to upgrade Scotland’s core motorway network ’, European Investment Bank Announcement, 24 February 2014.
- [3] ‘European backing for two new Scottish hospitals confirmed’, European Investment Bank Announcement, 11 March 2015.