Tim Smit
- European Investment Bank
- Communication Department
- 98-100, boulevard Konrad Adenauer
- L-2950 Luxembourg
- Luxembourg
The European Investment Bank (EIB) will finance new social housing in Skellefteå, Sweden. In light of the green industrialisation in the region, for example through the expansion of Northvolt’s gigafactory, new affordable housing is needed. The EIB loan of SEK 800 million (€70 million) contributes to the promotion of Skellefteå’s integrated urban development and social integration objectives and will help the municipality to diversify its funding sources.
In 2023, the European Investment Bank Group (EIB Group) signed €2.91 billion in new financing contracts for projects in Sweden – an all-time record and equal to 0.53% of Sweden’s GDP. The EIB Group funded 32 different projects in the country, ranging from SME financing through the European Investment Fund, to high-profile investments for Northvolt’s gigafactory and H2 Green Steel by the EIB. Environmentally relevant projects made up the bulk of EIB Group financing in Sweden, as no less than 76.7% of the investment volume was committed in those.
The EIB and Ericsson (NASDAQ: ERIC) have signed two funding agreements for a total of €420 million, with the first tranche worth €170 million disbursed in December 2023. In addition to strengthening Ericsson’s balance sheet and financial flexibility, the loans will support its research, development and innovation (RDI) investments to develop enhanced wireless technology between 2023 and 2025, and to increase network energy efficiency. The RDI investments are a key step on Ericsson’s path to reaching its 2040 net-zero target through reduced energy consumption in mobile networks.