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 goes directly to the Scottish Government on a project by project basis, and allows greater flexibility in investment decisions. The SNP Government has 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.
Scotland having access to EU funding makes these choices possible. Two examples are:
- In February 2014 the EIB agreed to loan £175 million towards upgrading the M8 between Glasgow and Edinburgh.
- 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.
 For further information on NPD vs PFI see: ‘Statistical information relating to NPD and PPP/PFI projects in Scotland’, The Scottish Government, 17 December 2014.