The EIB is extending a loan of SEK 650 million (EUR 70 million) to the City of Göteborg to support the modernisation, upgrading or construction of a number of higher education and research facilities. The projects located in the City of Göteborg are being undertaken by Hantverks- och Industrihus i Göteborg (HIGAB), its wholly-owned subsidiary. The investments being financed include the refurbishment and extension of a teacher training college in the centre of the city, a school of photography and film, and a school of nursing, both located in the Annedal district of Göteborg. These three faculties are all part of Göteborg University.

The EIB project also includes the construction of the Biotech Centre, located close to Sahlgrenska Science Park, which will provide laboratory and office space for biomedical companies. This should provide an important link between knowledge-creation and the market.

These investments, all aimed at improving the quality of higher education and research facilities in the area, should encourage further cooperation between various academic establishments and a number of biomedical companies located in the city of Göteborg.

As the European Union's long-term financing institution, the EIB lends support to the EU's policy objectives, including the Lisbon Strategy which is aimed at making Europe more dynamic and competitive. Investments in higher education and in R&D are regarded as key to a knowledge and innovation-based European economy and are a central element in fostering employment creation, growth and social cohesion. Universities are the innovation drivers as they are the principal contributors to human and intellectual capital. Science parks stimulate the development of knowledge and research-based enterprises, creating opportunities for collaboration with universities and encouraging technology and knowledge-transfer between universities and industry.

The EIB has been active in Sweden since end-1994, with cumulative lending in the country standing at EUR 7.2bn. Lending priorities include education, research and development, energy, transport, telecommunications infrastructure and industry.