Swiss to loan CHF95 million for new UN Telecoms building

The Swiss government has approved an interest-free loan of CHF95.6 million ($98.7 million) to finance the demolition and reconstruction of the headquarters of the International Telecommunication Union (ITU) in Geneva. 

The ITU is the United Nation’s specialised agency for information and communications technology. Among its functions is developing global technical standards for telecommunications, as well as allocating satellite orbits and global radio spectrums.  

The oldest of its three buildings – the Varembé – dates back to 1959 and does not meet modern safety norms. The demolition work will start on January 2022 and the entire project is expected to take five years.  

“By hosting international actors based in International Geneva and providing them with optimal conditions, Switzerland contributes significantly to the smooth functioning of international relations,” said the government on Wednesday. 

The project has to be approved by parliament and the interest-free loan is repayable over 50 years. The canton of Geneva will contribute CHF42.4 million to the project.