All agreed loans

Norway. Helgeland Veiutvikling AS

Date of loan: 14 Jun 2013
Country: Norway
Customer: Helgeland Veiutvikling AS
Amount in NOK: NOK 320 million
Amount in EUR: EUR 41.9 million
Maturity: 17 years
NACE sector / loan type: Construction
Business area: Infrastructure, transportation and telecom

Project

The loan has been provided to finance a new stretch of road in northern Norway, including a 10.7 kilometre long tunnel. The 35-kilometre road, less prone to winter closure, will shorten driving distances in the area, thus serving as a competitive enhancer for the regional fishing, petroleum and dairy industries.

Helgeland Veiutvikling is a regional non-profit special purpose vehicle (SPV) owned by municipalities in Helgeland, Nordland County and local banks. The SPV has been established to finance road projects in the region as well as to collect road tolls.

Fulfilment of NIB's mandate

Improvements in infrastructure in the Helgeland region are important for the local population and industries. Improved road connections will lead to shorter transportation times and reduced costs, while better standard and safety measures will lead to fewer accidents. Moreover, improved infrastructure should enhance the external market access and the competitiveness of the local industries.

Sustainability summary

The project will result in a decrease of CO2 emissions due to shorter distances for the transport of fish and oil-field deliveries. The main sustainability issues are the protection of cultural heritage sites, agreements with landowners and reduction of noise levels.

Press release

NIB finansierer Nord-Norges lengste veitunnel