Nordic Investment Bank finances new section of E18 motorway in Norway
The Nordic Investment Bank finances new section of E18 motorway in Norway and the Norwegian toll-road operator Ferde AS have signed a NOK 1 billion (€ 104.5 million) loan with a maturity of 17.5 years to finance the construction of a new section of motorway between Tvedestrand and Arendal in Aust-Agder County.
The loan finances the construction of a section of 23 kilometres of four-lane motorway on the E18, as well as four tunnels, six larger bridges and two grade-separated junctions.
The new road connection will replace the existing two-lane road between Tvedestrand and Arendal. In addition, a new road section linking the communities of Longum and Krøgenes will be constructed.
“The E18 is one of Norway’s main transport corridors. Expanding the motorway will improve traffic flows and travel times, and make transport safer. The investment will also alleviate the burden of heavy traffic on local communities”, says Henrik Normann, NIB President & CEO.
Construction is expected to be completed in autumn 2019. The initial toll period of the new motorway section will be 15 years.
Ferde AS is one of Norway’s five new regional toll road companies. It is owned by the counties of Hordaland, Sogn og Fjordane, Rogaland, Vest-Agder and Aust-Agder.
The Nordic Investment Bank finances new section of E18 motorway in Norway is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.