Sweden: SEK 22 billion in EIB financing provided for firms and municipalities in 2024

This article is published in association with European Investment Bank.

• he city of Stockholm, SKF, Ericsson, Tele2 and Chromafora were some of the actors in Sweden granted EU financing in 2024 through the EIB Group.
• This financing amounted to around SEK 22 billion (€1.9 billion) and more than 65% of this went to initiatives supporting the green transition.
• Just over 32 000 jobs are estimated to have been saved thanks to this financing.

Over the course of 2024, the European Investment Bank (EIB) and the European Investment Fund (EIF) continued to support Sweden’s economic development and climate initiatives through substantial investments.

The EIB Group’s financing during the year amounted to around SEK 22 billion, of which more than 60% went to climate measures and environmental sustainability. This money supported wind power, energy-efficient housing and industrial electrification, among other projects.

These investments are estimated to have kept 32 000 jobs in Sweden.

“Sweden has come a long way in the green transition, but the work is far from complete. As the EU climate bank, we are proud to be accelerating efforts within renewable energy, electrification and other climate-promoting initiatives, and we will continue to support investments that make a real difference for the climate and society as a whole. We are also proud to contribute to jobs and strong infrastructure, which creates long-term value for Swedish society,” said EIB Vice-President Thomas Östros.

Over the course of 2024, the EIB Group signed more than 20 agreements to provide financing in Sweden. Here are a few examples:

SKF: €430 million for research and innovation in fields such as renewable energy and electromobility.

Chromafora: €22.5 million to combat PFAS (“forever chemicals”).

Tele2: €140 million to expand the 5G network in order to reach 99% of the Swedish population.

City of Stockholm: €368 million to redevelop the Slussen area and reduce the risk of flooding.

City of Malmö: €225 million to build more than 1 500 energy-efficient apartments.

These investments reflect the EIB Group’s extensive involvement in Sweden’s green transition, digitalisation and social development.

The European Investment Fund (EIF) – which is part of the EIB – allocated €320 million to capital investments and guarantees in Sweden in 2024. This in turn is expected to mobilise around SEK 3.8 billion in investment for the Swedish economy, with more than 5 300 companies expected to benefit from this financing in different ways.

Several of the initiatives are supported by the European Commission’s InvestEU programme.

In addition to investing in funds such as Course Corrected and the Swedish Impact Lending Fund, the EIF also issued guarantees for businesses such as the corporate lender Froda.

Please note: The figures provided in this press release are approximate and subject to exchange rates.

 Background information

EIB

The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its Member States. The EIB finances 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.

All projects financed by the EIB Group are in line with the Paris Climate Agreement. The EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support €1 billion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average. This underscores the Bank’s commitment to fostering inclusive growth and the convergence of living standards.