NIB Nordic Investment Bank


Norway. Vegfinans E18 Telemark AS

Date of loan: 5 Jul 2017
Country: Norway
Customer: Vegfinans E18 Telemark AS
Amount in NOK: NOK 1,000 million
Amount in EUR: EUR 105.35 million
Maturity: 20 years
NACE sector / loan type: Land transport


Infrastructure, transportation and telecom


The loan has been provided to finance the construction of a new toll road section of the E18 motorway between Rugtvedt and Dørdal in Telemark County, Norway.

The new four-lane section will have a total length of 16.8 kilometres and include several bridges, grade-separated junctions and 1.2 kilometres of two-lane road connecting the old road to the new section.

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.

Fulfilment of NIB's mandate


The new Rugtvedt–Dørdal road section is expected to increase traffic flow and road safety, remove congestion, and improve the reliability and predictability of travel times. The project is assessed to have a positive impact on the regional economy by providing more productive and efficient logistics solutions. Fatal accidents are expected to fall by 1.5% annually.


The new motorway section is expected to reduce environmental impacts by improving traffic flows and road safety. The road stretch runs through a forest area, and will therefore affect only a limited number of residential neighbourhoods, thus improving noise and air quality in the long term. However, the road will have negative impacts on habitats and red-listed species in the forest area, and will also impact several cultural heritage sites.

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