Nokia signs EUR 500 mln loan with EIB to support 5G development

Nieuws Mobiel Europa 27 AUG 2018
Nokia signs EUR 500 mln loan with EIB to support 5G development

Nokia has signed a deal with the European Investment Bank for a EUR 500 million loan to support its investment in 5G R&D. The money comes from the European Fund for Strategic Investments, also known as the Juncker Plan, to provide financing for key infrastructure and development in the EU. 

Nokia said it will use the loan to further accelerate its research and development of 5G technology. The Finnish company said it was pleased to see that the EIB "shares our view of the revolutionary nature of 5G - and the realisation that this revolution is already underway". 

Nokia announced early this year that it was accelerating investment in 5G, as services were expected to start faster than previously planned. Particularly in North America, the first services are slated to being already from the end of 2018, rather than in early 2019. Nokia is also working with a number of European operators to test 5G and prepare their networks for the launch of the new generation of mobile network technology. 

The EIB loan has a maturity of five years and can be drawn at any time during the next 18 months. In May, Ericsson obtained a loan from the EIB on similar terms to support its 5G investment. 

Categories:

Mobiel

Companies:

Nokia,  European Investment Bank

Regions:

Europa,  Wereld

Tags:

Network equipment, 5G, Financial funding, Research and development

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