EIB Boosts Funding for Stockholm’s Slussen Revamp, Advancing Sustainable Urban Development

EIB Boosts Funding for Stockholm’s Slussen Revamp, Advancing Sustainable Urban Development

(IN BRIEF) The European Investment Bank (EIB) has granted an additional €264 million to the ongoing redevelopment of Stockholm’s Slussen area, which aims to modernize infrastructure and enhance sustainability. This funding builds on an earlier €382 million loan and will support the renovation of old locks, the creation of pedestrian and cycling paths, and the development of an intermodal transport hub. The project, which began in 2016, is set to improve connections between various transport modes and strengthen water management capabilities for Lake Mälaren. The City of Stockholm, recognized with the “EU Mission Label” for its climate initiatives, sees this project as a crucial step toward becoming a climate-neutral city by 2030. Completion is expected by 2027, with the upgrades anticipated to benefit both residents and visitors.

(PRESS RELEASE) LUXEMBOURG, 29-Oct-2024— /EuropaWire/ — The European Investment Bank (EIB) has committed an additional €264 million to support the redevelopment of Stockholm’s historic Slussen area, underscoring its dedication to sustainable urban development. This new investment complements a previous EIB loan of €382 million and is aimed at completing essential infrastructure upgrades, including the renovation of aging locks, enhancements to a multi-modal transport hub, and the creation of new pedestrian and cycling routes.

EIB Vice-President Thomas Östros emphasized the significance of the project, stating, “Our continued support for the Slussen redevelopment is vital for improving Stockholm’s infrastructure while advancing sustainable and climate-resilient solutions.” This investment aligns with the EIB’s broader mission to promote sustainability and resilience across European cities.

The Slussen project, which began in 2016, focuses on the revitalization of the area surrounding the historic locks that connect Lake Mälaren to the Baltic Sea. It includes a complete overhaul of the 85-year-old locks and the adjacent road bridge, alongside the construction of a new bus terminal that will integrate with an intermodal transport hub. This hub aims to streamline connections between buses, the metro, regional trains, and ferries serving the archipelago.

Sofie Nilvall, Treasurer for the City of Stockholm, expressed the city’s gratitude for the EIB’s ongoing support, noting that the bank’s loans are a valuable complement to the city’s debt financing efforts through the bond market.

Stockholm’s commitment to sustainability is further highlighted by its 2023 recognition as one of the first cities to receive the “EU Mission Label,” under the EU’s Mission for 100 Climate-Neutral Cities by 2030. This distinction enhances the city’s access to both public and private funding sources, supporting its ambitious climate and sustainability goals.

In addition to modernizing transport, the Slussen project aims to enhance local water management by expanding drainage capacity fivefold, offering crucial protection for Lake Mälaren. The initiative also focuses on boosting sustainable travel through the addition of bus lanes and improved paths for cyclists and pedestrians, making the area more accessible and environmentally friendly.

With an expected completion date in 2027, the Slussen transformation is poised to not only upgrade Stockholm’s transportation infrastructure but also boost the appeal of the area for businesses and visitors alike, contributing to a vibrant and sustainable urban center.

Background information

The EIB finances sound investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing for over 900 projects in 2023. These commitments are expected to mobilise around €320 billion in investment, supporting 400 000 companies and 5.4 million jobs.

All projects financed by the EIB Group are in line with the Paris Climate Accord. The EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support €1 trillion in climate and environmental sustainability investment in the decade to 2030, as pledged in our Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

The EIB Group signed nearly €3 billion in financing for 32 projects in Sweden last year, a record high, with more than three quarters of these commitments channelled to climate action and environmental sustainability investments. For more details about our projects in Sweden and their impact, please visit our country page for Sweden.

Slussen project: The project involves a full upgrade of the critical water and transport infrastructure at Slussen in Stockholm, and includes:

• Reconstruction and improvement of the locks, including new discharge channels that increase drainage capacity fivefold.
• Renovation of the road bridge above the locks, with new bus lanes and pedestrian pathways.
• Construction of a new underground bus terminal with 40 bus platforms, blasted into the rock.
• Creation of an underground intermodal hub, connecting buses, the metro, regional rail, and ferries.
• Development of new cycling paths, including a new bicycle bridge across the canal.

Establishment of new public spaces, walkways, and areas for shops and offices.

Media Contact:

Thomas Eriksson
t.eriksson@ext.eib.org

Press Office

press@eib.org
+352 43791

SOURCE: European Investment Bank