27 Nov 2020
EUR 100 million
Infrastructure, transportation and telecom
NIB and the City of Stockholm have signed a SEK 500 million (EUR 48 million) loan with a ten-year maturity to finance the redevelopment of the Slussen water locks and investments in new public transport infrastructure at the Slussen traffic hub.
The Nya Slussen project in central Stockholm is one of the largest ongoing construction projects in Sweden. The water discharge capacity of the Slussen water lock between Lake Mälaren and the Baltic Sea is soon becoming outdated and insufficient as rising sea levels are expected to surpass Sweden’s land uplift by 2050.
The redevelopment of the water locks will increase the drainage capacity and accommodate higher floodgates by adding two larger water channels beside the locks. The investment will help to prevent flooding and damage to electric utilities, district heating, and sewage treatment plants.
“The Nya Slussen redevelopment project is a crucial flooding mitigation measure that will allow Stockholm to prepare for the effects of climate change and more extreme weather conditions in the future. The investments will also protect the drinking water supply from Lake Mälaren for two million people and shield crucial infrastructure”, says Henrik Normann, NIB President & CEO.
The Slussen metro station is also the city’s second largest public transport hub and a crucial meeting point for rail, water and road traffic.
The loan from NIB will finance the construction of a new, 200-metre bridge for cyclists and pedestrians alongside the existing metro bridge between Södermalm and Stockholm Central Station, as well as a new entrance to the metro and an improved quay for the Skeppsbron ferries.
Construction began in 2016. The flood locks are to be commissioned in 2022, and the entire Nya Slussen project will be completed in 2025.
Stockholm is the capital of Sweden and the most populous city in the Nordic–Baltic region, with 1.5 million inhabitants in 2018. The city is one of the fastest-growing regions in Europe and benefits from a strong economy and a rapidly growing population.
NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.
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