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5. Challenge facing the Scottish Government
5.1 The Scottish Government has therefore committed to introducing the Scottish Futures Trust initiative. The objectives of the SFT initiative would be to:
- provide lower cost funding for projects and programmes than PFI;
- operate on non-profit distributing principles; and
- continue to provide the additionality of public service facilities investment in Scottish infrastructure through private sector investment (paragraph 3.5).
5.2 The Government would like to see the initiative provide for individuals to make tax-exempt investments in Scotland's infrastructure and for the injection of oil revenues into this strategically important task. However, it recognises its current lack of powers to take forward these elements within the UK legislative and fiscal framework.
5.3 The Government has recently embarked on a National Conversation with the people of Scotland to discuss our constitutional and fiscal future and our aspiration over the long-term is to introduce as soon as practicable the additional investment capability which the measures described in paragraph 13 would offer. In the meantime, the following proposed SFT developments provide a platform for future enhancements of this nature.
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