All agreed loans

Finland. Tieyhtiö Vaalimaa Oy

Date of agreement: 9 Jun 2015
Country: Finland
Customer: Tieyhtiö Vaalimaa Oy
Amount in EUR: EUR 62 million
Maturity: 19 years
NACE sector / loan type: Construction
Business area: Infrastructure, transportation and telecom


The completion of the E18 road between Hamina and Vaalimaa will provide a motorway connection to the Finnish–Russian border. The road is intended to improve commercial haulage and transnational trade in southern Finland.

The project comprises the construction of a 32-kilometre, four-lane motorway running parallel to the existing national road. The new section will include rest and service areas, bridge sites and a 247-metre tunnel.

Tieyhtiö Vaalimaa Oy is a special-purpose vehicle established by YIT Rakennus Oy (Finland) and Meridiam Finance II S.a.r.i. (Luxembourg), who won the public tender for the construction of the motorway and will carry out the project on a public–private partnership basis. The concession period will be approximately 20 years. Construction is scheduled to begin in summer 2015 and to be completed in 2018.

Fulfilment of NIB's mandate

The construction of the motorway section is intended to improve traffic flow in the road network and to mitigate congestion. It is expected that the project will reduce travel times and lower vehicle operating costs. The expansion of regional transport capacity will improve conditions for trade, tourism and transit of goods and services.

The motorway will direct traffic away from local residential neighbourhoods which will have a positive impact on air quality. However, the road will increase exhaust emissions and noise levels in previously unaffected areas.

Sustainability summary

The project is not assessed to negatively impact any Natura 2000 areas, but it will affect habitats of flying squirrels. A bridge will be built over a stream inhabited by trout. The impact on the trout will be mitigated by design and time restrictions to construction. The motorway also crosses a groundwater area, so 820 metres of groundwater protection is planned. The road alignment will cross cultural heritage sites; compensation will be provided for any damage to historical structures.

Press release

NIB finansierar motorvägsutbyggnad av E18 i södra Finland


Press release

NIB rahoittaa E18-tiehankkeen Hamina–Vaalimaa -osuutta