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The UK's first Green Investment Bank will be based in London and Scotland, Business Secretary Vince Cable has announced.
The Welsh Government had put in a bit for the bank to be located in Cardiff, which is intended to encourage private sector investment in "green" projects
But the city was rejected at the very first stage, for "not meeting the level of performance" set out in the review.
Both opposition parties and the Welsh Government have reacted with disappointment at the news.
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The UK government announces that Scotland will be the base for the Green Investment Bank.