Nokia has signed an agreement with the European Investment Bank (EIB) for a loan of 500 million Euros (572 million US dollars) to accelerate the development of cutting edge 5G technology.
This loan, supported by the European Fund for Strategic Investments (EFSI), will present opportunities for the Finnish telecom equipment manufacturer to invest in the research, development and innovation of the soon-to-be telecommunication standard technology, thereby expanding the market and displaying the potential of 5G in Europe.
“We have to understand that China and the US have moved fast with the 5G. It is very important to have European companies going in for this competition,” commented the EIB vice president Alexander Stubb in the online Finnish newspaper Helsingin Sanomat.
While the specific uses for the funds have not yet been identified, it is clear that Nokia’s end-to-end network will greatly benefit from this loan by ensuring the connectivity and reliability which are critical for the use cases applicable to 5G technology.