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EIB props up Malmö’s demographic growth with a school upgrade loan

EIB props up Malmö’s demographic growth with a school upgrade loan

153 million euros will go towards major upgrading of the system

The first week of 2021 is ending on a positive note for the Swedish city of Malmö after it was announced on Friday, 8 January, that a substantial loan agreement has been signed between the European Investment Bank and the municipal authorities. In exact numbers, the amount of the loan is estimated at 153 million euros which will go towards the construction of new school facilities and drastically renovating existing ones in order to bring them up to date under the new standards for digitalization and safety.

Did you know that Malmö is one of the fastest-growing cities in Sweden?

The financing is destined at providing suitable educational infrastructure for what may be the fastest-growing municipality in Sweden. This demographic explosion is thanks to two main factors – high birth rates and an influx of immigration.

In fact, Malmö has long now been considered the most multicultural place in the Scandinavian country. Its residents have backgrounds in 185 countries making it a truly global city. Furthermore, the age profile there is quite young, with half of the population being under 35, something of a rarity for a European municipality.

All of these statistics, however, also call to the attention that urgent actions are needed in terms of providing proper facilities for the rightful education and life development of the youngest residents.

Malmö is the fastest-growing large city in Sweden and therefore has large investment needs in welfare infrastructure generally and in schools and pre-schools in particular. Therefore we need partners to finance infrastructure investments. The City of Malmö and the EIB have cooperated before and the EIB is a valuable financing partner for us. We look forward to continuing working with the EIB,” said Katrin Stjernfeldt-Jammeh, the Mayor of Malmö.

The new constructions and refurbishments will ensure that better air quality, safety, digital access, energy efficiency and outdoor space will be available to the students.

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