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Nokia bags EUR 500m as EU backs firm’s 5G research

Nokia has signed a EUR 500 million loan transaction with the European Investment Bank (EIB), supported by the European Fund for Strategic Investments (EFSI), a key element of the Investment Plan for Europe, also known as the Juncker Plan.

Nokia, which will use the loan to further accelerate its research and development of 5G technology, said its end-to-end network proposition goes from the radio network to the internet protocol (IP) and optical networks for transmission, the packet core network, service platforms and all the software and services associated with the whole system.

“In essence, Nokia’s portfolio covers all the needs of a telecom operator that wishes to provide fully converged fixed-mobile communications services critical for the era of 5G,” it said.

EIB VP Alexander Stubb, responsible for lending in Northern Europe, said 5G was happening faster than most people expected. “It’s anticipated that it will enable entirely new business cases, while dramatically enhancing existing wireless applications,’ he said. “I think bringing 5G to the market will definitely improve people’s lives, as the motto for the EIB’s 60th anniversary states.”

“This financing bolsters our 5G research efforts and continues the broader momentum we have already seen this year in terms of customer wins and development firsts, supporting our relentless drive to be a true leader in 5G – end-to-end,” said Nokia CFO Kristian Pullola.

 



Categories: 5G, EU, Markets

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