Stockholm City Council will invest €1bn ($1.35bn) to develop the Norra station area around the New Karolinska Solna University Hospital in Sweden.

The development is a joint effort of Stockholm City, Solna City and Stockholm County Council, as well as research institutions and private initiatives.

The project aims to create a collaborative environment comprising a medical university, university hospital, facilities for industry and research institutions that will work towards research and development in the areas of health and medicine.

The project will join the two cities of Stockholm and Solna.

Development will start in 2010 and is expected to be completed by 2015, according to

The New Karolinska Solna University Hospital is a new university hospital to be completed by late 2015.