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Sun June 20 2021

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Loan opens way for 10.7km Norwegian tunnel

17 Jun 13 The Nordic Investment has signed a loan agreement to provide finance towards a 10.7km-long road tunnel in Helgeland, northern Norway.

The 17-year-maturity €41.5m (£35.2m) loan agreement with Helgeland Veiutvikling is earmarked for the construction of a 35 kilometer new road, including a road tunnel of 10.7km, connecting the E6 main highway with the coastal area. The new road, which replaces the county road 78, will shorten driving distances significantly. It will also enhance competitiveiness for the regional fishing, petroleum and dairy industries.

“NIB’s loan to Helgeland Veiutvikling ensures an important boost that links Helgeland together, as good infrastructure is essential for dynamic countryside development,” said Henrik Normann, NIB president and CEO.

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.

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