Scottish Investment Bank (SIB), the investment arm of Scotland government-owned economic development agency Scottish Enterprise, has backed the £200m ($250m) Scottish-European Growth Co-Investment Programme.

SIB has put £50m into the fund, with another £50m supplied by the EU-owned European Investment Fund. The remaining £100m will be leveraged from private fund managers across Europe.

The program is the first part of the Scottish Growth Scheme, a £500m initiative backed by the country’s government to support domestic business growth.

Kerry Sharp, director of the Scottish Investment Bank, said: “Today’s announcement is great news for Scottish companies with ambition for scale.  This new program will allow us to engage with even more international investors and attract larger amounts of investment into Scottish companies.”