2 Nov 2015

NIB finances new E134 highway connection in southern Norway

A new section of E134 in southern Norway. Map: Norwegian Public Road Administration

NIB and Vegfinans E134 Buskerud AS have signed a 19-year loan agreement of NOK 1 billion (EUR 115 million) for the construction of a new section of European highway 134 in Buskerud County in southern Norway.

The project will redirect the E134 highway between Damåsen and Saggrenda to provide a safer route for heavy transit traffic and commercial haulage. Upon completion, the new E134 section will have a total length of 13.2 kilometres.

The project further includes the construction of about ten kilometres of new side roads and associated structures to remove traffic from residential areas in Kongsberg and reduce traffic congestion in Buskerud County. A roundabout will connect Kongsberg Technology Park to E134. Additionally, a new rail tunnel will be constructed to increase the capacity of the regional rail network.

“The new motorway section will increase road safety and commercial trade in the region. 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, NIB President and CEO.

Construction work began in June 2015. The new road section is expected to open for traffic in 2019. The total project cost is estimated at NOK 4.2 billion (EUR 480 million).

Vegfinans E134 Buskerud AS is a special purpose vehicle, established by Vegfinans A/S for the Buskerud road project. Vegfinans A/S is a management body for toll companies owned by six Norwegian counties.

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
Stefán Jón Fridriksson, Senior Manager, Origination, at +358 10 618 0512,

Dimitrijs Alehins, Senior Communications Specialist, at +358 10 618 296,