The European Investment Bank (EIB) will provide an EUR 500 million loan to Nokia for supporting its ongoing 5G research program.
The EIB loan is supported by the European Fund for Strategic Investments (EFSI), a key element of the Investment Plan for Europe, also known as the Juncker Plan.
EIB Vice-President Alexander Stubb, responsible for lending in Northern Europe, said: “5G is happening fast, faster than most people even expected. It’s anticipated that it will enable entirely new business cases, while dramatically enhancing existing wireless applications. I think bringing 5G to the market will definitely improve people’s lives, as the motto for the EIB’s 60th anniversary states.”
Nokia CFO Kristian Pullola said: “We are pleased to land this financing commitment from the EIB, who shares our view of the revolutionary nature of 5G – and the realisation that this revolution is already underway. 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.”
