The defense contractor that stands to benefit most from the investment is Sweden's BAE Systems Hagglunds but the Ministry of Defense that there will, by government guidelines, be repurchase or Norwegian industry collaboration.
"For us, it was important that the Norwegian industry has a significant role in the project in the areas where Norwegian industry has the greatest expertise and the opportunity for subsequent export," said Norwegian Defense Minister Espen Barth Eide.
"In areas such as sensors, communications, command and control systems, it is planned that the project deliverables will consist mainly of equipment from Norwegian suppliers."
The plan is for Norway's army to operate 146 new or rebuilt CV-90 armored infantry fighting vehicles, the Ministry of Defense said.
The army currently has 103 CV-90 of the armored personnel carriers.
Gal Gadot cast as Wonder Woman for 'Batman vs. Superman'
Exploding whale video goes viral on Internet