Norwegian airport operator and air navigation service provider Avinor is planning to invest €4.9bn under the 2014-2023 National Transport Plan to expand airport capacity in the country to meet the expected rise in traffic.
During the period, Avinor will invest €1.66bn for the construction of the new terminal 2 at Oslo Airport.
The initial phase of the project is expected to be completed in 2017, with the first part of phase two scheduled to be completed by 2019.
Avinor CEO Dag Falk-Petersen said: "This is the largest investment boost since Oslo Airport, Gardermoen was built."
The ANSP will also invest €533.8m for a new terminal 3 at Bergen Airport in Flesland, which is scheduled to be completed in 2019.
Part of investment will also be used for modernisation of Stavanger and Trondheim airport until 2020 to boost capacity.
Norway's National Transport Plan also involves the expansion of the existing international terminal at Kristiansand Airport by 2016.
Avinor is also planning to enhance the terminal side at Kristiansund Airport in Kvernberget during the next four years, while runway extensions are planned at Sandnessjøen Airport and Stokmarknes Airport by 2014.
Tromsø Airport's terminal is also planned to be expanded by 2021, while the departure hall at Ålesund Airport will be increased in size by 2023.
Avinor has proposed plans for new airports in Helgeland, Lofoten and Hammerfest.
Image: The initial phase of construction of new €1.66bn terminal 2 at Oslo Airport is expected to be completed in 2017.