The Debt Office’s lending

The Debt Office primarily provides loans for infrastructure projects following decisions by the Riksdag and the Government. Loans may also be furnished for other activities considered essential or which are intended to mitigate an economic crisis.

Situations sometimes arise in which banks and other financial institutions are, for various reasons, unwilling to lend money to activities that the Riksdag and the Government consider fulfil an important public interest. These may be major infrastructure projects or other investments of importance to society. In such cases, the Riksdag and the Government can commission the Debt Office to provide a loan. This is done following a thorough analysis and on a commercially sound basis.

Lending, domestic and foreign

Statistics on the Debt Office's lending

The Debt Office’s lending


Commissioned by the Government, the Debt Office issued a conditional loan, of SEK 1 billion to the private company A-Train AB in 1995.

The loan was part of the collaborative project between the Government and the private industry to finance, build and run Arlandabanan, which links Arlanda Airport to the national rail network.

Upon completion of the project, A-Train was granted a 40-year right of use for Arlandabanan in order to finance its investment. The loan is structured so that the total repayments to the Government as a whole from A-Train can be either higher or lower than the loan amount. Both the size and time of repayment are determined by A-Train's financial results and the size of the dividends received by the owners.

Another government operator involved in Arlandabanan is the government-owned company Arlandabanan Infrastructure AB. The company owns and manages Arlandabanan. We handle a liquidity and capital adequacy guarantee for Arlandabanan Infrastructure AB.


As part of the financing of the Öresund Link, the Debt Office has provided a loan to the government-owned company Svedab.

Upon completion of the Öresund Bridge in the late 1990s, land connections to the bridge needed to be erected on both the Swedish and Danish sides. In Sweden, the government-owned company Swedab was responsible for construction of the motorway and railway that connected the bridge to the Swedish road and rail networks. The equivalent work on the Danish side was carried out by the government-owned company A/S Øresund.

Svedab and A/S Øresund formed and are owners of the Öresundsbro Consortium, which has financed and built the Øresund Bridge. The holding companies are entitled to the dividends the consortium is expected to produce in the future.

In order to finance the land connections, Svedab received a loan from the Debt Office in accordance with a government decision. The loan runs until the Öresundsbro Consortium has provided sufficient dividends to its owners for Svedab to be able to repay its loan to us. According to the latest forecasts, Svedab will have repaid its loan around the year 2030.

Svedab is short for Svensk-Danska Broförbindelsen Svedab AB.


Since 2002, the Government has been authorised by the Riksdag to commission the Debt Office to enter agreements with two companies on co-financing of civil aviation industry projects.

The companies are Saab AB and GKN, which participate in various development projects in the civil aviation industry.

The Debt Office has provided three so-called royalty loans to GKN Aerospace Sweden AB, previously Volvo Aero Corporation. The loans co-financed the research and development of components for the aircraft engines Trent 900, Trent XWB and GEnx. The Trent engines are built by Rolls Royce and fitted in the Airbus A380 and A350 XWB respectively. GEnx is built by General Electric and is fitted in the Boeing 747 and 787.

A previous royalty loan to Saab AB co-financed the company's development of wing spars for the Airbus A380.

Revenue-based repayment

The royalty loans entail that GKN pays a royalty (a percentage) to the Debt Office on their revenues from the sale of the aircraft engines. They pay no fixed interest or amortisation.

The royalty is intended to repay the Debt Office's co-financing of the research and development project. It should also cover borrowing and administration costs and compensate for the risk.

The Government has chosen to subsidise the royalty rate that the Debt Office has offered GKN. Part of the cost of the loan is thus funded from the central government budget.

The Debt Office has paid out a total SEK 766 million in royalty loans. The loans are expected to generate income for the Debt Office over the next 20 to 40 years.

The above-mentioned loan to Saab AB has been repaid and will no longer generate any royalties, since manufacture by Airbus of the A380 has been discontinued and hence no new wing spars will be sold.


The financial crisis peak of autumn 2008 made it difficult for Swedish exporters to obtain loans with long maturities, which is a prerequisite for many export deals. The Riksdag (Swedish Parliament) decided to increase the availability of export financing.

Part of the associated measures is the National Debt Office's task to make available a loan facility for the Swedish Export Credit Corporation. In 2022, the loan facility amounts to SEK 175 billion. The loan facility has been utilized on one occasion. During the spring om 2020, the Swedish Export Credit Corporation borrowed SEK 10 billion from the National Debt Office.

In 2004, the Debt Office issued a loan of SEK 15 million to Stiftelsen Nordiska museet (the Nordic museum foundation).

The loan was for financing the reconstruction of Nordiska museet's entrance hall. The loan decreases with amortisations and is expected to be repaid in 2015.