Under the terms of the agreement, the bank of the European Union will finance the construction of a new Terminal 3 and its associated airside infrastructure including a light rail station to facilitate public transport links between the airport and the city centre.
Construction of the new terminal infrastructure is expected to reduce the energy consumption by 30%.
Additionally, the light rail station will replace private cars, thus reducing pollution from road traffic.
EIB vice-president Jan Vapaavuori said: "The EIB has made supporting strategic transport infrastructure one of its priorities. Bergen airport is the key international gateway in western Norway and part of the extended trans-European transport network (TEN-T).
"We are therefore pleased to support Avinor’s investment, as it will enhance capacity and improve the operational efficiency of Norway’s second busiest airport whilst also increasing its environmental performance."
Bergen Airport handled more than six million passengers in 2014, far exceeding its design capacity of 2.8 million.
The airport operator proposed to build a new terminal, Terminal 3 (T3) in order to accommodate the growing passenger traffic in 2009.
The ground was broken for the terminal construction in 2014.
The estimated total cost of the development is NKr4.7bn ($590m). The Nordic Investment Bank (nib) is financing $130m (NKr1bn) through a 20-year loan.
Expected to be completed by late 2017, the new terminal will increase the airport’s passenger handling capacity to ten million a year.