The European Investment Bank ( EIB ) is providing 4.5 billion kronor ( US$471.16 million ) in additional loans for the metro expansion project in Stockholm.

Of the new loan, 2.5 billion kronor will go to the Region of Stockholm and 2 billion kronor to the City of Stockholm. Including the new loans, the EIB has provided over 12 billion kronor for the project.

The project is one of the largest infrastructure projects in Sweden to have been funded by the European Union, and is the largest investment the EIB has ever made in public transport in Sweden.

The metro project involves three new 30-kilometre sections in the Region of Stockholm, of which 20 kilometres will be in double-track tunnels, as well as 18 new stations. A total of 130,500 housing units will be built along these new sections.

“This investment boosts both sustainable mobility and regional development,“ says EIB vice-president Thomas Östros. “By providing an additional loan, we are demonstrating our long-term commitment to climate-smart investments in Europe’s growing cities. This project is an excellent example of how EU funding can benefit both people and the climate.”

The project will be implemented in the municipalities of Stockholm, Nacka, Solna and Järfälla. Across Sweden, about 730,000 people use public transport every day.

“With the City of Stockholm and our other partners in the county, we are working hard to reduce greenhouse gas emissions by 12% every year, which is necessary for the county to do its part to meet the objectives of the Paris agreement,” says Region of Stockholm director-general Emma Lennartson. “Investing in the metro will help increase our chances of reaching carbon neutrality by 2045.”