Confederation supports construction of new UN headquarters in Geneva
Published: Wednesday, Nov 6th 2024, 11:10
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Switzerland is supporting the construction of the new headquarters of the International Organization for Migration (IOM) in Geneva with a loan. This amounts to CHF 44.7 million.
The Federal Council approved the loan at its meeting on Wednesday, as it announced. The loan is interest-free and must be repaid within fifty years. Specifically, the federal government is lending the money to the Real Estate Foundation of International Organizations.
The IOM has resided in a building in Geneva's Morillon district since 1984. However, according to a press release, the building no longer meets current standards and is therefore to be demolished. Construction is scheduled to begin in 2026 and is estimated to take five years.
The federal parliament had already approved a loan to finance the planning work in June 2022. The canton of Geneva is contributing CHF 21.6 million to the new construction project.
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