Mr Maxwell called the Edinburgh festivals 'the Olympics of culture'

The pledge was set out by the party's culture spokesman Stewart Maxwell.

He said the money would go into an "Edinburgh Festival Expo Fund", to be run by an independent committee drawn from the cultural and artistic world.

A Labour party spokesman said the SNP had already vowed to scrap the cabinet roles of culture, tourism and sport.

Mr Maxwell said the committee would decide which areas, events and performances to invest in, and the funding would support the costs of participants, including production and promotion costs.

The fund would also be able to support tours or performances taking place after a festival premiere.

What is needed is greater tangible investment in our cultural community Stewart Maxwell MSP

"The Edinburgh Festivals are a magnificent showcase for some of the best creative talent from around the world," he said.

"It's the Olympics of culture and it's high time the home team was better supported and invested in."

Mr Maxwell claimed Scotland's cultural sector had been badly let down by the Scottish Executive's Culture Bill.

"What is needed is greater tangible investment in our cultural community," he said.

'Little respect'

Responding to the SNP's suggestion, a Labour Party spokesman said: "The hypocrisy of the SNP knows no limits.

"Alex Salmond has already said he would scrap the cabinet roles of culture, sport, and tourism - Scotland's second biggest industry.

"It is astonishing that the SNP show so little respect for Scotland's thriving cultural scene that the Nationalists would deny our cultural community a seat at the political top table."

The SNP pledge came as Culture Minister Patricia Ferguson highlighted 110 sporting and cultural events across Scotland which have been backed by almost �1.4m of extra executive funding over the past four years.