NIB finances new motorway connection in southern Norway

NIB finances new motorway connection in southern Norway

NIB finances new motorway connection in southern Norway

The FINANCIAL -- NIB and the Norwegian toll-road operator Vegfinans E18 Telemark AS have signed a 20-year maturity loan totalling NOK 1 billion (EUR 105 million) for the construction of a new section of the E18 motorway in Telemark County.

The loan will finance a new, four-lane section of the E18 motorway with a total length of 16.8 kilometres between Rugtvedt and Dørdal in the municipalities of Bamble and Porsgrunn, Telemark County, Norway, according to NIB.

The project will include the construction of several bridges, grade-separated junctions and 1.2 kilometres of two-lane road connecting the new section to the old road.

“The new motorway section will improve traffic flow, travel times and road safety, and will support the regional economy by providing more efficient logistics solutions”, says Henrik Normann, NIB President & CEO.

The E18 motorway is one of Norway’s major transport corridors, and the main road connection between the eastern and southern parts of the country.

Vegfinans E18 Telemark AS is a subsidiary of Vegfinans AS, one of the main toll-road operators in Norway. Project procurement is being handled by Nye Veier AS, Norway’s state-owned road-building company.