Norway plans €12.4 billion infrastructure fund

solberg_stemmer980Erna Solberg, the new Prime Minister of Norway, has pledged to establish a NOK100 billion (€12.4 billion), five-year infrastructure fund, paid for by oil revenues. The fund would be used to boost the construction of roads, railways, broadband internet and other infrastructure, including renewable energy and natural gas. Investments would be made through a state-owned company that would be funded by the government, but would also be allowed to borrow abroad with the government backing the loan.Solberg and the Norwegian Conservative Party won the 9 September election in coalition with Norway’s Progress Party.

“Infrastructure investments are as important as the fiscal rule and it’s important for the government to invest for the future and help our children to inherit a society with equal welfare,” Solberg said, adding, “We need to strengthen our competitiveness and secure Norwegian jobs.”