Switzerland loans funds for renovating IOM building in Geneva

The Swiss government has approved a loan to renovate the building housing the International Organization for Migration (IOM) in Geneva. The building housing the IOM needs to be renovated because it no longer meets current standards. On Wednesday, the governing Federal Council approved a loan of CHF 44.7 million (about $51.1 million) to demolish and rebuild the building. Parliament still has to give its approval. + Get the most important news from Switzerland in your inbox The building, located in the Morillons district and owned by the IOM since 1984, has never been renovated. The solution of demolishing it in order to rebuild it was chosen as it would be more cost-effective in the long term. Work is scheduled to take place between 2026 and 2029. The loan to the Foundation for Buildings for International Organizations (FIPOI) is interest-free and repayable over 50 years, the government said in a press release. The canton of Geneva will contribute CHF21.6 million to the project. In ...