The FINANCIAL — NIB and the city of Rovaniemi have signed a 15-year loan agreement totalling EUR 9.39 million to expand the town’s municipal infrastructure and upgrade its street lighting.
The loan will finance Rovaniemi’s investment programme for implementing the city’s land use and housing programme for the 2014 to 2018 period, which includes the construction of roads, a water supply network and connections to the sewage system for newly built neighbourhoods, according to NIB.
The project supports urban development in the region, where population growth and other demographic trends are impacting the housing market and increasing demand for improved infrastructure and municipal services.
Between 2016 and 2018, the town will also replace 6,000 of its mercury-vapour street lights with high-pressure sodium and LED lamps, which will help to reduce the energy use of street lighting by approximately 1,800 MWh annually.
Rovaniemi currently has a population of about 60,000 people, and is projected to grow by 8% in the next 15 years. The city is a logistical hub in northern Finland.
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