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Sweden to spend EU funds on research, economic growth

Xinhua, February 9, 2015 Adjust font size:

Sweden is to receive 8 billion SEK (955 million U.S. dollars) from the European Union (EU) structural fund on Monday, officials from the government said, adding the country plans to spend the fund on research and entrepreneurship.

The fund are to be paid out by the Swedish Agency for Economic and Regional Growth and will be spent on investments that are aimed at boosting employment and economic growth.

The EU funds are earmarked for public entities, companies and associations. The overall aim of the structural fund is to reduce disparities between different regions within the EU.

In Sweden, the majority of the money will be earmarked for the northern regions of Vasterbotten and Norrnbotten, which, according to the EU's definitions, face the greatest challenges.

"They are the most sparsely populated regions and the distances there are great," Karolin Hogberg of the Agency for Economic and Regional Growth told Swedish television.

Sweden aims to spend the money on initiatives that will reduce energy use as well as on rolling out broadband in rural areas.

The money is granted to Sweden on the condition that other public entities or private companies in the country help finance the projects. Swedish contributors will give an amount equalling that of the EU's funds, meaning the total amount of investment will be 16 billion SEK.

The regional structural funds scheme launched in 2014 and will run until 2020. (1 U.S. dollar = 8.37 SEK) Endit