A financial agreement has been signed by the President of the European Investment Bank (EIB) for SEK1.8 billion (€200 million) towards infrastructure development in Uppsala, Sweden.

Werner Hoyer met the Swedish city’s finance minister Magdalena Andersson during his visit to confirm the deal – which includes support to deliver upgrades including residential construction, building schools and enhancing other key public spaces.

Funding will also be placed to improve transport systems within the city, and follows a series of infrastructure loans made across Sweden last year made by the EIB totalling €1.4 billion.

The president’s confirmation of the deal for Uppsala included discussions on the EIB’s wider investment plan for Europe over the next three years in partnership with the European Commission.

Within this broader strategy, the investment bank aims to deliver a number of key infrastructure developments. These include funding transport, digital and energy investments that are core to EU policy.

The major programme of infrastructure investment has been designed to promote growth within Europe and boost levels of employment across the continent. A full list of projects to be supported under the scheme will be released this summer.

Werner Hoyer, EIB President, said, “Urban renewal and regeneration in the pursuit of more sustainable and competitive cities is a strategic objective of the European Investment Bank.

“We welcome this agreement with the Municipality of Uppsala as it will enable us to finance investments to cater for the needs of its growing population. They will also promote long-term economic growth in the municipality and the region as a whole.”

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