Sweden: European financing powers completion of Stockholm’s state-of-the-art transport hub

This article is published in association with European Investment Bank.

• EIB provides additional €264 million for Slussen locks revamp in Stockholm
• Financing supports renewal of historic Slussen and strengthens sustainable infrastructure in central Stockholm
• Project also to improve local water management

The European Investment Bank (EIB) will provide an additional €264 million in financing for the Slussen waterway-redevelopment project in Stockholm, reinforcing the bank’s commitment to sustainable urban renewal. The new financing builds on a previous EIB loan of €382 million and will be used to complete key infrastructure elements of the project including upgrades to old locks, improvements to an intermodal transport hub and the creation of pedestrian and cycling pathways.

“We are pleased to extend our support for the Slussen project, which is critical not only for Stockholm’s infrastructure but also for promoting sustainable and climate-resilient solutions,” said EIB Vice-President Thomas Östros. “This additional financing reflects the EIB’s long-term commitment to projects that help make European cities more sustainable and resilient.”

The Slussen project involves a comprehensive redevelopment of the area surrounding historic locks between Lake Mälaren and the Baltic Sea. Begun in 2016, it includes a full renovation of the 85-year-old locks and the road bridge above as well as the construction of a bus terminal, which will be linked to an intermodal transport hub. This hub will improve connections between buses, the metro, regional trains and the archipelago ferries.

“The City of Stockholm greatly appreciate the additional financing from the EIB for the important infrastructure project Slussen,” said City of Stockholm Treasurer Sofie Nilvall,. “Loans from the EIB are an excellent complement to the city’s main debt funding provided by the bond market.”

In 2023, Stockholm was one of the first cities to receive the “EU Mission Label”, a designation under the EU’s Mission for 100 Climate-Neutral Cities by 2030. The label highlights Stockholm’s ambitious and strategic approach to accelerating its transition to a sustainable and climate-neutral city. The Mission Label also enhances the city’s ability to attract funding from both public and private sources, reinforcing its climate goals.

The Slussen project also features the creation of bus lanes and improved cycling and pedestrian paths, which will enhance sustainable transport options and increase accessibility in the area. Additionally, by increasing drainage capacity fivefold, the project will play a critical role in improving water management for Lake Mälaren.

Expected to be completed by 2027, the transformation of Slussen is set not only to strengthen the city’s transport infrastructure but also to enhance the area’s attractiveness for both businesses and visitors.

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.