E18 motorway. Photo: Finnish Transport Agency

9 Jun 2015

NIB finances E18 motorway extension in southern Finland

E18 motorway. Photo: Finnish Transport Agency.

NIB and Tieyhtiö Vaalimaa Oy have entered a 19-year loan agreement totalling EUR 62 million for the completion of the E18 route between Hamina and the Finnish–Russian border.

The 32-kilometre, four-lane motorway between Hamina and the border crossing point at Vaalimaa is needed due to increasing international heavy transit traffic and commercial haulage. The extension will complete a section in southern Finland connecting the seaport of Turku via Helsinki to the
Finnish–Russian border.

The project is expected to increase road safety and transport capacity in the region. Several rest areas, bridge sites and a 247-metre long tunnel are planned. In parallel, the existing road linking Hamina and Vaalimaa will be repaired.

“A motorway connection to Vaalimaa will improve traffic flows and increase commercial trade. NIB is financing the project because modern infrastructure for faster and more convenient transport will make the region more attractive for investment”, says Henrik Normann, President & CEO of NIB.

Construction is scheduled to commence in late 2015 and is expected to be completed in 2018.

Tieyhtiö Vaalimaa Oy is a special purpose vehicle established by YIT Rakennus Oy (Finland) and Meridiam Finance II S.a.r.i. (Luxembourg). The company will carry out the project on a public–private partnership basis.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact
Tarja Kylänpää, Senior Director, Origination, at +358 10 618 0237,

Lisa-Maria Altenberger, Communications Unit, at +358 10 618 0234,

Related resources

09 Jun 2015

Tieyhtiö Vaalimaa Oy

EUR 62 million