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The European Investment Bank has signed a SEK 2.5 billion loan with Swedish real estate company Wallenstam AB to help the firm fund its Vaven zero-energy buildings programme.

The loan has been issued through the European Fund For Strategic Investments to develop almost 116 rental homes.

All the buildings to be constructed will meet the EU’s “nearly-zero-energy-building” standard.

“Wallenstam’s operations are very much aligned with the EIB’s mission, which is not only to contribute to employment and growth but very much also to support climate investment. Therefore, I am pleased that the EIB can contribute to reduce the strain on the availability of rental properties in Sweden through investment in sustainable housing,” says EIB Vice President Thomas Östros.

European Commission executive vice-president Valdis Dombrovskis, responsible for An Economy that Works for People, said: “For Europe to transition to a climate-neutral economy, there is a huge need for investments in making our buildings seriously energy-efficient. By using the EU budget guarantee to support this project with Wallenstam in Sweden, we are putting sustainability at the heart of how we invest EU-taxpayer’s money. The fact that the project is for affordable housing makes it doubly important.”