NIB Nordic Investment Bank


Norway. Ryfast AS

Date of loan: 20 Dec 2017
Country: Norway
Customer: Ryfast AS
Amount in NOK: NOK 1000 million
Amount in EUR: EUR 101.31 million
Maturity: 21.5 years
NACE sector / loan type: Land transport


Infrastructure, transportation and telecom


The loan has been provided to finance the construction of two undersea tunnels in Rogaland County, western Norway.

The tunnels will link the city of Stavanger to the Ryfylke region northeast of the city, a route that can currently only be taken by ferry across the fjord or via a long overland detour.

The two tunnel projects consist of the 5.5 km Hundvåg Tunnel, which will link Stavanger to the island of Hundvåg, and the 14.3 km Ryfylke Tunnel, which will continue from Hundvåg to the municipality of Strand in Ryfylke.

Both tunnels are expected to be completed in 2019. The project is procured by the Norwegian Public Roads Administration.

Ryfast AS is owned by Rogaland County, the City of Stavanger and the municipality of Strand. Upon completion of the project, the company will collect road tolls for a concession period of 20 years.

Fulfilment of NIB's mandate


Stavanger is the centre of the Norwegian offshore oil and gas industry, and the location of major employers. The project is expected to reduce travel time times between Stavanger and Ryfylke by about 45 minutes, and is expected to increase daily traffic in the region. Further, the project will create new road connections to national road 13 and the E39 motorway. Transportation infrastructure is essential to market efficiency, and shorter travel times can mitigate spatial frictions.


The potential negative environmental impact of undersea construction is limited. Excavated material will be deposited in the sea, and used to cover contaminated seabed.

Sustainability summary

The covering of contaminated seabed with rock material will stop the re-spread of hazardous materials and will be performed according to procedures developed to avoid disturbing contaminated clay deposits. The negative impact on fish and lobster populations from the tunnel excavation is assessed as temporary.

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