8 hours ago
Swiss to spend $329 million to support Geneva as diplomatic hub
ZURICH, June 20 (Reuters) - Switzerland will spend 269 million Swiss francs ($329.37 million) to support Geneva as a hub for international diplomacy, the government said on Friday, amid growing financial pressure on global institutions hit by spending cuts and lower donations.
The money, which will cover the period of 2026 to 2029, comes as international organisations based in city face increasing competition from other cities to host them.
Bern said it was making the funding available to reaffirm the "central role of international Geneva in Swiss foreign policy and its unique role in global governance."
Geneva is a hub for global diplomacy, hosting more than 40 international organisations, including the United Nations, World Health Organisation, and the World Trade Organisation.
In recent months, cuts in contributions or suspension of payments by individual member states have led to serious liquidity bottlenecks at international organisations.
Numerous institutions based in Geneva have been forced to drastically reduce their budgets, cut staff or even consider relocating abroad, the government said.
($1 = 0.8167 Swiss francs)
