The European Investment Bank (EIB) is providing approximately $450 million in additional financing for the expansion of the Stockholm Metro, one of the largest metro expansion projects currently underway in Europe.
Including the new loan, EIB has provided over $1.1 billion (SEK 12 billion) in financing for the project in Sweden’s capital. The new EIB loan is divided between the two borrowers – the Region of Stockholm and the City of Stockholm.
The project to expand the Stockholm metro is one of the largest infrastructure projects in Sweden to have been funded by the European Union and is the largest investment that the EIB has ever made in public transport in Sweden.
The metro project involves three new 30-kilometre sections in the Region of Stockholm, of which 20 kilometers will be in double-track tunnels, as well as 18 new stations. 130,500 housing units will be built along the new sections.
Thomas Östros, Vice-President, EIB, said: “This investment boosts both sustainable mobility and regional development. By providing an additional loan, we are demonstrating our long-term commitment to climate-smart investments in Europe’s growing cities. This project is an excellent example of how EU funding can benefit both people and the climate.”
The project will be implemented in the municipalities of Stockholm, Nacka, Solna and Järfälla. This initiative is essential to provide sustainable and efficient public transport to meet the needs of the growing population. 730, 000 people currently use public transport in the county every day.
Emma Lennartson, Director-General, Region of Stockholm, said: “The EIB’s support is essential for investment in the metro expansion project. With the City of Stockholm and our other partners in the county, we are working hard to reduce greenhouse gas emissions by 12% every year, which is necessary for the county to do its part to meet the objectives of the Paris Agreement. Investing in the metro will help to increase our chances of reaching carbon neutrality by 2045.”
Fredrik Jurdell, Director-General, City of Stockholm, said: “The EIB’s continued commitment to this financial partnership reaffirms the importance of the metro expansion project for sustainable growth in the capital and the surrounding areas. The new metro meets the needs of future generations in terms of transport and mobility, but also with regard to housing, given that housing units will be built as part of the project.”