Sweden: Stockholm train tunnel project receives up to EUR 600m in loans from EIB
Posted: 21 December 2010 | | No comments yet
Commuter train capacity in Stockholm will double from 2018 thanks to the construction of an underground railway line
Commuter train capacity in Stockholm will double from 2018 thanks to the construction of an underground railway line
Commuter train capacity in Stockholm will double from 2018 thanks to the construction of an underground railway line to be part-financed by the European Investment Bank (EIB).
Under agreements signed today with the Stockholm County Council and the City of Stockholm, the EIB will provide a loan facility of up to EUR 600 m to the Citybanan project, a commuter train tunnel under central Stockholm. The project comprises 6 km of tunnel under the capital’s historic centre, two new underground stations and a railway bridge. Capacity in rush hours will double from 24 to up to 48 trains per hour. The rail line is expected to make public transport more attractive and encourage commuters to switch from road traffic, bringing substantial environmental benefits. As commuter trains will be rerouted to the Citybanan link from the existing two tracks running through the city, this will enable the expansion of regional and national rail traffic.
With current trends indicating population growth of 20 percent in the coming two decades, the rail line will play a vital role in the regional transport network. Estimates indicate some 324,000 passengers per day will board Citybanan trains in 2019. Citybanan is an EU priority Trans European Transport Network (TEN-T) project and is part of the Nordic Triangle scheme upgrading road, rail and maritime infrastructure in Finland and Sweden.
“The European Investment Bank is pleased to support this important investment in the transport infrastructure of one of Northern Europe’s most dynamic regions,” said EIB Vice-President Eva Srejber.
Background:
The mission of the EIB, the European Union’s bank, is to contribute to the integration, balanced development and economic and social cohesion of the EU Member States by financing sound investments. This loan is one of many supporting the EU Strategy for the Baltic Sea Region and its four priorities: sustainable environment; regional prosperity; increased accessibility and attractiveness; safety and security.
The Stockholm County Council covers 26 municipalities with 1.9 million inhabitants, representing a fifth of Sweden’s population. On normal weekdays, around 700 000 people use the Council’s public transport system.
The City of Stockholm, with more than 830,000 inhabitants, is Scandinavia’s economic center and Sweden’s commercial capital with close to a fourth of the country’s businesses. More than 237,000 people commute daily from neighbouring suburbs and towns.
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