Edinburgh hosts Green Investment
The Guardian writes.
Vince Cable, the business secretary, says the new bank, expected to employ between 50 and 70 people, would have its headquarters in Edinburgh, but will also operate a large fundraising office in London to exploit the city's financial clout and global reach.
Cable told The Guardian that the two cities had come top of a financial and technical assessment, with Manchester lying third.
The bank will play a vital role in the transition to a low-carbon economy and will provide a welcome boost to Edinburgh's economy, bringing with it an initial £3 billion to invest in green projects, STV reports.
Work is underway to recruit the chair and senior independent director, with a view to the bank being fully operational by autumn 2012.
There is £775 million currently available to invest in projects in strategic priority areas, which include offshore wind, commercial and industrial waste, energy from waste generation, non-domestic energy efficiency and support for the Green Deal.
Edinburgh Chamber of Commerce's Graham Birse says securing the GIB was a real triumph for Edinburgh, Scotsman.com notes.
He says: “This is a once-in-a-generation opportunity to locate Edinburgh at the epicentre of Europe's green energy revolution.”
Edinburgh South Labour MP and shadow business minister Ian Murray called the news “fantastic” and a “massive boost for the city”.
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