The headquarters of the GIB will be in Edinburgh, with the GIB’s main transaction team based in London. Ministers claim this arrangement will enable “a greater commercial reach nationally” than could be achieved from one location.
Over thirty UK cities and towns made bids to the Coalition to host the GIB.
The GIB is planned to play a major role in the UK’s transition to a green economy. Renewable energy projects and the Green Deal will be both be a key focus of the institution’s activities.
Said Cable: “Harnessing the strengths of Edinburgh and London will support the Green Investment Bank’s ambition to become a world leader. Edinburgh has a thriving green sector and respected expertise in areas such as asset management. London, as the world’s leading financial centre, will ensure that the GIB’s transaction team can hit the ground running”.
He added: “This decision will allow the GIB to operate effectively and achieve its mission of mobilizing the additional investment needed to accelerate the UK’s transition to a green economy.”
The bank is expected to be in business this autumn.