2022

KOMMUN INVEST ISVERIGE AB

Annual Report

TheAnnualReportforKommuninvestiSverigeAB(publ)ispresentedonpages–Onpages–“Kommuninvest”referstotheKommuninvestCooperative

SocietyandortoKommuninvestiSverigeABFrompageandonwardsitreferstoKommuninvestiSverigeABunlessotherwisestated

TheAnnualReportfortheParentSocietytheKommuninvestCooperativeSocietyisavailableatwwwkommuninvestorg

Whileeverycarehasbeentakenintranslationofthisreportreadersareremindedthattheoriginalreport

signedbytheBoardofDirectorsandtheCEOisinSwedish

INTRODUCTION

Kommuninvestinbrief ................................................................................................................................................................................... 

Chairman’sstatement .................................................................................................................................................................................. 

President’sstatement .............................................................................................................................................................................. 

Ourmission ............................................................................................................................................................................................................. 

SUSTAINABILITY REPORT

Sustainabilityreport................................................................................................................................................................... 

Environmentalandclimatework ............................................................................................................................................... 

Socialsustainability ...................................................................................................................................................................................... 

Governanceﬁnancialsustainability..................................................................................................................................... 

Sustainabilityindicators ....................................................................................................................................................................... 

Auditor’sopinion .............................................................................................................................................................................................. 

BOARD OF DIRECTORS’ REPORT

Businessfocus ........................................................................................................................................................................................................

Localgovernmentloanﬁnancing ............................................................................................................................................ 

Lending ......................................................................................................................................................................................................................... 

Funding ......................................................................................................................................................................................................................... 

Liquiditymanagement ........................................................................................................................................................................... 

Organisationandemployees ......................................................................................................................................................... 

Financialposition ........................................................................................................................................................................................... 

Proposeddistributionofearnings..........................................................................................................................................

Riskandcapitalmanagement ....................................................................................................................................................... 

Corporategovernancereport ..................................................................................................................................... 

FINANCIAL STATEMENTS

Tableofcontentsﬁnancialstatementsandnotes ........................................................................................... 

IncomestatementandStatementofcomprehensiveincome .......................................................... 

Balancesheet .......................................................................................................................................................................................................... 

Statementofchangesinequity .................................................................................................................................................... 

Cashﬂowstatement ..................................................................................................................................................................................... 

Notes ................................................................................................................................................................................................................................ 

Five-yearsummary ...................................................................................................................................................................................... 

Alternativeperformancemeasurements ..................................................................................................................... 

Signatures ................................................................................................................................................................................................................. 

AuditReport ........................................................................................................................................................................................................... 

Working together

for better terms

Kommuninvest’s role entails oering secure and

cost- eective ﬁnancing to its members and customers

– Swedish municipalities, regions, municipal companies

andother local government actors.

Basicconcept

Togethermunicipalitiesandregionscan

borrowmoresecurelyandinexpensivelythan

eachofthemcouldindividuallyTogetherthe

localgovernmentsectorcanalsoincreaseits

expertiseinﬁnancialmanagement

280

+14

Kommuninvestisownedby municipalities

andregions

SEK 482 bn

Lendingtomembersamountedto

SEKbillionattheendof

Kommuninvesthas

thehighestpossible

creditratingAAAAaa

andastableoutlook

GreenLoans

GreenLoanswereintro-

ducedinforﬁnancing

environmentalandclimate -

relatedinvestmentsSince

thelaunchthevolumeof

GreenLoanshasgrownto

SEKbillion

Organisationwithclear

divisionofroles

Kommuninvestcomprisestwoparts

TheKommuninvestCooperativeSociety(the

Society)andthecreditmarketcompany

KommuninvestiSverigeAB(theCompany)

Kommuninvest Cooperative Society

Administersmembershipandthejoint

andseveralguaranteeandisresponsible

forcapitalacquisition

TheBoardofDirectorsconsists

ofelectedpoliticiansfrommunicipalities

and regions

Kommun invest i Sverige AB

Conductstheﬁnancialoperationsincluding

fundingliquiditymanagementandlending

TheBoardofDirectorsconsistsof

individualswithexpertiseinareassuch

aspublicadministrationcapitalmarkets

andbusinessdevelopment

Ourvision

Kommuninvestshallbetheworld’sbest

organisationforlocalgovernmentﬁnancial

administrationWeﬁnancethedevelopment

ofSweden’slocalandregionalsectorsas

wellasinvestmentsforasoundand

sustainablesociety

Since

SinceitsinceptioninKommuninvest

hashelpedreducetheSwedishlocal

governmentsector’sfundingexpensesby

manybillionsofkronorUltimatelythishas

beneﬁtedcitizenswhohavehadaccessto

improvedpublicservicesatboththelocal

andregionallevels

AAA

Aaa

3Kommuninvest i Sverige AB, reg. no. 556281–4409 Annual Report 2022

KOMMUNINVEST IN BRIEF

From pandemic to war

– a challenging year

The year 2022 was a challenging one, characterised largely by the Russian

invasion of Ukraine, while the corona pandemic abated. Kommuninvest

dealt with turbulent markets, high inﬂation, rising interest rates and

tougher economic conditions for the local government sector. In this,

Kommuninvest again demonstrated tangible stability. Growth in lending

was relatively good. On the minus side, it is clear that Kommuninvest

willagain have to pay the risk tax in 2023.

From pandemic to war

The year was a turbulent and challenging one.

Initially, one waning crisis, the corona pandemic, was

replaced by another – the Russian invasion of Ukraine.

The course of events in Ukraine tangibly pervaded the

rest of the year, with an energy crisis in Europe and

global ination at levels not seen in decades.

At the beginning of the year, the pandemic remained

apervasive reality. Another wave of contagion was in

progress. From March onwards, contagion diminished

signicantly, both in Sweden and in large parts of the

world. Restrictions were lifted and societies opened up.

There was a clear return to a new normal. By the end of

the year, this had not led to any restrictions being rein-

troduced in Sweden or in most other parts of the world.

In terms of the pandemic dynamic, the year began

with a strong recovery. This was true of Sweden and

most of the global economy. Growth was at a high level.

Unemployment decreased. At the same time, bottlenecks

and supply issues emerged in global trade. In the inter-

play between an expansive trend and trade disruptions,

ination began to gain momentum.

With, the Russian invasion of Ukraine in late February,

the conditions changed. The war exacerbated trade dis-

ruptions, with particularly serious consequences in the

energy sector. This pushed ination up to high levels. To

restrain ination, central banks, including the Riksbank,

began rapidly tightening their monetary policies. Quan-

titive easing () programmes were curtailed. Policy

rates were rapidly raised. Towards the end of the year,

the rate of ination had again begun to decline in some

countries, but not others. Against the backdrop of this

general scenario, with a protracted war and tight mone-

tary policy, the economy gradually slowed. At the end of

the year, large parts of the global economy, Sweden

included, were headed into a slump or recession.

Following the outbreak of the war, an uncertainty,

marked by clearly increased volatility, arose in the nan-

cial markets, persisting to varying degrees for the rest of

the year. There was a rapid transition – during which

market rates were generally a step ahead of the central

banks’ policy rates – from a distinctly low interest rate

environment to what could be regarded historically as

more normal rates. In the bond market, issuers found it

periodically challenging to nd nancing on the desired

terms. Demand from investors shifted. The volumes in

the market decreased. Some stability returned in the

fourth quarter, although with future prospects still

uncertain.

This overall trend had a major impact on local gov-

ernment nances. With high ination, rising interest

rates and weak stock markets – while the expanded cen-

tral government allocations during the pandemic have

been phased out – the local government sector has

entered tougher times. It appears as though net prots

for  will be relatively favourable. The autumn’s

4 Kommuninvest i Sverige AB, reg. no. 556281–4409 Annual Report 2022

KOMMUNINVEST IN BRIEF

budget process was, however, troublesome, and it

appears as though both  and  will be difcult

years.

Stability

Despite this unsettled environment, Kommuninvest has

continued to show tangible stability. Here too, the

organisation has demonstrated its ability to stand rm

as the storm rages. Immediately following the Russian

invasion, the Company entered crisis mode in accord-

ance with its internal crisis plan. A number of measures

were taken to increase preparedness and secure the oper-

ations with regard to counterparties and cyber threats,

for example. In June, the Company returned to its nor-

mal mode of operation.

Kommuninvest’s lending continued to grow over the

year. In the initial turbulence surrounding Ukraine, and

intermittently over the subsequent months, some cus-

tomers chose to borrow from Kommuninvest rather

than through their own market programmes. Although

the autumn was instead characterised by subdued

growth in lending. High ination and rising interest

rates helped restrain the pace of investment. Given the

new interest rate environment and their liquidity being

strong, some customers chose to make repayments on

loans. Some customers once again stepped up the level

ofactivity in their own capital market programmes.

The sustainable loan products continued to develop.

Based on disbursed volume, the share of Green Loans,

relative to total lending, rose to about  percent at the

end of the year. Also at the end of the year, Social Sus-

tainability Loans had achieved  approved investment

projects,  . billion in loans granted and  .

billion in loans disbursed.

Over the year, Kommuninvest achieved key advances

in its funding. In connection with a  issue in Febru-

ary,  entered use as the reference rate, rather than

Libor. Following the  decision regarding three stra-

tegic funding markets – ,  and  – the rst

bond in  was issued in March. The borrowing fore-

cast for the year was revised upwards in April and

October. The main reason for the second revision was

aneed for liquidity to address, with low risk and good

margins, major interest and exchange rate uctuations

in a volatile market.

Kommuninvest continued to strengthen the support

offered to customers and members regarding nancial

decisions. An important addition was the “Debt Man-

agement Handbook” launched in September. The pur-

pose of the handbook is to use data, analysis and con-

crete examples to seek to assist municipalities and

regions in the assessments that must be made to conduct

balanced debt management.

The independent and temporary group of experts, the

Welfare Economists, that Kommuninvest established in

5Kommuninvest i Sverige AB, reg. no. 556281–4409 Annual Report 2022

KOMMUNINVEST IN BRIEF

 to strengthen the analysis of local government

nances during, and from the perspective of, the pan-

demic, completed its work in June. Its fth and nal

report, published in March, focused on future develop-

ments in local government sector investment.

When the pandemic restrictions were lifted in March,

Kommuninvest returned to ofce-based operations.

Although digital and hybrid elements remain, the ofce

returned to being the obvious hub of our operations. In

March, the Annual General Meeting of the Society was

conducted as a hybrid event with in-person attendance

in Gothenburg.

In December, Katarina Ljungqvist was appointed as

the new  of Kommuninvest. On  April , she

will take over from Tomas Werngren, who announced in

September his decision to step down as  and prepare

for retirement. Like her predecessor, she will take on the

role of President and  of both the Kommuninvest

Cooperative Society and of the Company, Kommun-

invest i Sverige .

Risk tax

The “risk tax” was implemented as of  January .

Over the year, Kommuninvest paid  . million

intax.

When the decision on the risk tax was made in Decem-

ber , the Riksdag made an announcement regarding

local government cooperation. The Riksdag called on

the government to present a proposal, by  October

 at the latest, that Kommuninvest would no longer

be subject to the tax as of  January . The Riksdag

also called on the government to devise a solution com-

pensating the local government sector for the additional

expense imposed by the tax in . Although the pre-

vious government provided compensation of  

million to the local government sector in the summer,

itdid not deliver legal exemption for Kommuninvest.

In its  budget, the new government provided

compensation. In an expansion of the general central

government allocations to the local government sector,

the compensation for the risk tax is included as an inte-

gral component. The increase, and thus the compensa-

tion, covers the period –. Nor has the new

government, however, delivered any exemptions to date.

Accordingly, Kommuninvest expects to have to pay

 million in tax in , mainly due to a higher

tax rate.

Just as in , Kommuninvest will continue its

actions to ensure that the exemption is applied. In the

organisation’s management of the tax expense, a key

component in the overall solution will be stricter terms

for the members within the framework of the Kommun-

invest Cooperative Society. As another key component,

restructuring programmes have begun to be imple-

mented through efciency enhancements, both in the

Company and the Society, to reduce the Group’s cost

level (excluding the risk tax). The programmes proved

successful in their rst year (of two planned).

6 Kommuninvest i Sverige AB, reg. no. 556281–4409 Annual Report 2022

KOMMUNINVEST IN BRIEF

Privateplacement()

Multi-yearsummaryKommuninvestiSverigeAB

    

BalancesheettotalSEKbillion      

Lending(recognisedvalue)SEKbillion     

NetproﬁtSEKmillion -    

Memberstotal     

ofwhichmunicipalities     

ofwhichregions     

CoreTierIcapitalratio     

TierIcapitalratio     

Totalcapitalratio     

Leverageratio     

GreenBonds()

Swedishcommercialpaper

programme()

Uridashi()

ECPEuro-CommercialPaper

Programme()

SwedishBenchmark

Programme

()

Benchmark funding

othercurrencies

()

FUNDINGPORTFOLIO

BY PROGRAMME

MARKETSHARES

LOCALGOVERNMENTLOANFINANCING



Fundingvia

Kommuninvest

()

Bankfunding

()

Fundingthrough

proprietary

funding

programmes

()

Municipalities



()

Municipal

housing

companies

()

Othermunic-

ipalregional

companies

()

Municipalenergy

companies()

Regions()

LENDINGPORTFOLIOBY

BORROWERCATEGORY

1) Forecast regarding outstanding funding (ﬁgures in brackets refer to actual

outstanding funding in accordance with municipalities’ and regions’ own

Annual Reports as per 31 December 2021).

AllchartsrefertoDecemberFiguresinparenthesesrefertoDecember

2) Some lending to municipalities is on-lent to municipal

companies through municipal internal banks.

7Kommuninvest i Sverige AB, reg. no. 556281–4409 Annual Report 2022

KOMMUNINVEST IN BRIEF

Security in a troubled world

In a world pervaded by turbulence and concern, Kommuninvest is a stable player

and a secure organisation that is prepared to fully support its members. That is

what we are intended to be. To future-proof the organisation, we conduct

ongoing improvements focused on building strength and eciency.

The year  was a turbulent one. The Russian

war of aggression against Ukraine, the high

ination rate, rising interest rates, weak stock

markets and the weakening economy presented

tough challenges. We do not know how long the

hard times will last and we must be prepared

that it will be increasingly difcult to predict

thefuture.

Kommuninvest is built to withstand turbulent

times. Step by step, we have built an organisa-

tion with a strong mandate, strong capitalisation

and favourable liquidity. This provides it with

the necessary resilience when the storm winds

blow. We can serve as a safe haven. Meeting the

nancing needs of municipalities and regions

and providing qualied advice to our customers

are our core operations and focus.

Continued streamlining

There is a key interplay between efciency and

strength. A strong organisation needs to be ef-

cient. Our two-year realignment programme

was initiated in connection with the risk tax

being established and was also useful and timely

in other regards. The rst year’s results have

been positive. The pace of change has been con-

siderable. Several of the operations’ processes

have been streamlined. The cost reductions

planned for the programme were achieved

already in . The work will continue system-

atically in .

Over the coming years, we will take greater

steps to continue to improve Kommuninvest.

Among other things, we will increase our cyber

security, develop our data management and

build an updated solution for our business sys-

tems. This too, it is largely a matter of building

strength and efciency.

Unfortunately, the risk tax will continue to be

a reality for Kommuninvest even in . To

date, the Swedish government has failed to heed

the Riksdag’s (Swedish parliament) petition,

communicated in December , to provide

an exemption for local government collabora-

tion through Kommuninvest. This is regrettable.

It is not sufcient for the local government sec-

tor to be compensated for the risk tax. In the

long term, the only reasonable solution is for

anexemption to be put in place. We believe the

government will deliver on this by the end of

/start of .

Increased focus on sustainability

Another key point on our development agenda is

our sustainability work. Our Green Loans have

developed positively. With them, we have paved

the way and contributed to a now well-estab-

lished market for Green Bonds. It is now the turn

of the legislators to establish a common lan-

guage. This is good, it is important for the ef-

ciency and stability of a market. Kommuninvest

aims to support its members in gradually adopt-

ing the new language to be able to relate all of

the good realignment work being done. We have

initiated efforts to expand our sustainability

reporting. We are integrating  risks in our

credit provision and risk management.

The volume of Social Sustainability Loans

hasgrown, albeit at a moderate pace.

Kommuninvest

is built to with-

stand turbulent

times. Step by

step, we have

built an organi-

sation with

astrong man-

date, strong

capitalisation

and favourable

liquidity."

8 Kommuninvest i Sverige AB, reg. no. 556281–4409 Annual Report 2022

CHAIRMAN’S STATEMENT

CEO change with continuity

In December , Katarina Ljungqvist was

appointed as the new  of Kommuninvest.

On  April , she will take over from Tomas

Werngren, who announced in September his

decision to step down as  and prepare for

retirement. Tomas Werngren has been  for

along time and the change will be substantial.

Fundamen tally, however, a clear continuity

exists. Katarina Ljungqvist will continue to

build on our strength and efciency on the basis

of the solid foundation of values on which

Kommuninvest stands.

At the same time, on  April , I will also

step down and hand over to a successor. I have

been part of the Company’s development jour-

ney for many years. It has been a pleasure and

aprivilege. But now I feel it is right time to let

someone else take over as Chairperson. I would

like to convey a big thank you to everyone who

contributed to this journey!

A special thanks goes to the very competent

and dynamic staff. They are a great asset – not

least in troubled times. It is our staff that, with

its will to change, has built our strength. And it

is our staff that will ensure that Kommuninvest

reaches its goal of becoming “the world’s best

organisation for local government nancial

administration”.

Kommun investiSverigeAB

EllenBramnessArvidsson

Chairman

9Kommuninvest i Sverige AB, reg. no. 556281–4409 Annual Report 2022

Stable development

in turbulent times

In the turbulence of 2022, with Russia’s war of aggression against Ukraine

having extensive repercussions, Kommuninvest continued to advance the

develop ment of its operations. The stability of the organisation was good.

Progress was made in funding, for example, sustainability work and the

restructuring programme aimed at enhancing the eciency of the operations.

Challenging year

The year  was a challenging one. The com-

bination of the Russian war against Ukraine,

high ination, rising interest rates, turbulent

markets and a weakening economy caused

along list of problems across large areas of

theworld.

Just as in previous crises, Kommuninvest has

been able to maintain demonstrable stability.

The operations have continued as normal. Of

course it is for such situations that the organisa-

tion is built. We must stand rm even in a turbu-

lent environment.

For the past couple of years, our strategy, like

that of the Swedish government, to implement

regular bond issues in the Swedish capital mar-

ket, has been successful. This has become a sta-

ble and cost-effective base on which to stand.

Tougher times

The local government sector has experienced

arapid shift from a couple of years with strong

outcomes to tougher times nancially. The

increases in expenses have been drastic. The

budget work for  has been difcult in

many areas. In our assessment, however, the

general nancial strength of the local govern-

ment sector is favourable. The equity/assets

ratio is relatively high and the debt levels fully

manageable. The starting position for a tougher

period is favourable.

Kommuninvest’s lending continued to grow.

The increase in volumes was, nonetheless, mod-

erate. A large number of members entered 

with strong liquidity. Rising interest rates

increased the incentives to make repayments on

loans. In addition, increased interest and con-

struction expenses helped restrain the pace of

investment.

Sustainability

The volume of Green Loans continued growing

at a good pace. At the same time, Social Sustain-

ability Loans face certain challenges. Volume

growth is cautious. In this area, many of our

members seem to need quite a long run-up.

In sustainability, we have established a struc-

ture and planning for addressing the  taxon-

omy and related regulations. It is a matter of

developing our sustainability reporting and

integrating  risks into our credit provision

and risk management.

Risk tax

Unfortunately, Kommuninvest will also pay

 million in risk tax in . The Swedish

government has yet to heed the Riksdag’s

(Swedish parliament) call for an exemption.

Although the government has ensured that the

local government sector is compensated for the

risk tax, it is nonetheless a heavy burden for

Kommuninvest as an organisation. We now

expect the government to ensure that the

exemption is in place for .

Net proﬁt

The operating loss of   million for 

was associated largely with the risk tax, repre-

senting an expense of slightly more than 

 million, and unrealised negative changes

inmarket values of about   million.

Aschanges in market value involve accounting

practices, negative values will now increase

operating prot at a later stage. Including the

Most of all, how-

ever, I will miss

Kommuninvest’s

dedicated and tal-

ented personnel.

Thank you for a

highly beneﬁcial

collaboration!"

10 Kommuninvest i Sverige AB, reg. no. 556281–4409 Annual Report 2022

PRESIDENT’S STATEMENT

risk tax, operating income amounted to

  million. Excluding the risk tax, operat-

ing income is   million, which is on a par

with the outcome for . Net interest income

ended up higher than forecast. The substantial

volatility in the market has been a challenge in

terms of handling and calibration.

Streamlining

In the autumn of , Kommuninvest initiated

an internal restructuring programme. Although

this was linked to the handling of the risk tax,

there was also a broader incentive. It was neces-

sary, through simplication and standardisa-

tion, to free up resources for the investment

needs facing the Company. To date, the Compa-

ny’s employees have implemented the pro-

gramme in exemplary manner. Despite ination

and a weak , the two-year target of cutting

the Company’s expenses by  percent was

already achieved in the rst year.

Thank you for these years working together

This will be my last President’s statement. On

April , I will be handing over to Katarina

Ljungqvist. It has been an honour to have been

involved in building up the nancial infrastruc-

ture that helps make the local government sec-

tor viable. All of my meetings with customers

and members, as well as with players in the

capital market, have afforded me great insight

and knowledge. Most of all, however, I will miss

Kommuninvest’s dedicated and talented personnel.

Thank you for a highly benecial collaboration!

Kommun invest iSverige 

TomasWerngren

PresidentandCEO

11Kommuninvest i Sverige AB, reg. no. 556281–4409 Annual Report 2022

Through our lending, we provide conditions for Swedish

municipalities and regions to invest cost-efciently in wel-

fare. Since the nancial crisis in –, Kommun-

invest’s share of the local government sector’s funding has

increased sharply. Today, we account for more than half of

total borrowing. The explanation is that an increasing num-

ber of municipalities and regions have joined as members,

and that our growing economies of scale and regulatory

development have made it increasingly difcult for banks

and other nancial institutions to compete with our favour-

able credit terms.

1. Funding

Kommuninvest raises funds on an ongoing basis, both in

Sweden and in the international capital market. The local

government sector’s inherent stability, combined with our

members’ joint and several guarantee of Kommuninvest’s

commitments, means our repayment capacity is deemed

highly secure. From a credit risk perspective, Kommunin-

vest’s funding is regarded as equivalent to the Swedish cen-

tral government’s funding. The low risk, combined with

Kommuninvest’s history and good reputation in the capital

market, affords us access to nanciers who generally lend

tous on benecial terms. To be able to meet our members’

credit requirements, even when the markets are uneasy,

wealways maintain liquidity in reserve.

2. Loan application and credit check

When one of Kommuninvest’s customers decides to borrow

money for one or more investments, the municipality or the

region contacts Kommuninvest to apply for a loan. Normally,

our lending is not tied to any specic purpose and, in accord-

ance with the Swedish principle of municipal and regional

self-government, borrowers need not account for how the

money will be used.

As we know our members well, we generally have a good

knowledge of their nancial situation. We provide credit

based on lending frameworks and credit decisions. The lend-

ing limits determine how much we can lend to the relevant

municipal/regional group before an in-depth analysis needs

to be carried out. These should not be seen as xed long-term

ceilings, but are part of a continuous and active credit pro-

cess. Credit decisions are to be kept within these limits.

3. Green Loans and Social Sustainability Loans

Kommuninvest runs two sustainable nancing programmes.

These are designed to foster local and regional sustainability

efforts. Green Loans are provided for environmental and cli-

mate initiatives, while Social Sustainability Loans are pro-

vide for social initiatives. For municipalities and regions to

be granted loans within these programmes, the investment

projects concerned must meet predetermined criteria and be

included in one of the dened project categories. Loan appli-

cations are examined by the Environment Committee or the

Social Sustainability Committee, as relevant. In turn, Kom-

muninvest’s sustainable lending is nanced by issuing special

bonds that are acquired by Swedish and international inves-

tors. To date, a large number of Green Bonds have been

issued. Social bonds will be issued when the lending volume

has grown sufciently large.

4. Disbursement of loans

Because we know our members well and apply fast, efcient

and highly digitalised credit provision, it takes only a short

time between the customer’s initiative and the disbursement

of the loan. Whether it concerns a Green Loan or a Social

Sustainability Loan, we handle the specic administration

and documentation required to operate sustainable nancing

programmes – such as for external review and for the report-

ing of the impact to investors.

5–6. Advice and debt management through KI Finans

Throughout the term of the loan, the borrower is in continu-

ous contact with our nancial advisers and has access to all

of Kommuninvest’s combined expertise. In the web-based

nancial management service  Finans, customers’ nance

ofcers have access to transaction management, analysis and

reporting of liabilities and assets.

How Kommuninvest

helps build welfare

Kommuninvest accounts for most of the loan ﬁnancing for

the local government sector’s investments. This applies to housing, schools,

nursing homes, swimming pools and infrastructure, among other things.

12 Kommuninvest i Sverige AB, reg. no. 556281–4409 Annual Report 2022

OUR MISSION