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National Investment Corporation

Volume 502: debated on Wednesday 16 December 2009

To ask the Minister of State, Department for Business, Innovation and Skills what progress has been made on the creation of a national investment corporation; what the remit of the corporation will be; when it will make its first investment; what the criteria for investments will be; and what funding has been allocated for a corporation in (a) 2009-10 and (b) 2010-11. (304200)

[holding answer 9 December 2009]: The Rowlands Growth Capital Review, published in November 2009, recommended the creation of a growth fund to provide a new channel to attract private sector investment into UK SMEs seeking between £2 and £10 million. The pre-Budget report set out how we are taking this forward. The Government are working with a number of banks to establish a Growth Capital Fund that will work for the benefit of the economy and we will be announcing initial investors and fund structure in 2010.

We will take a view on the remit of National Investment Corporation in the New Year in the light of these discussions.