In order to further accelerate its research and development of 5G technology, Nokia has signed a €500m loan with the European Investment Bank (EIB) backed by the European Fund for Strategic Investments (EFSI).
The Finnish network equipment maker has already invested heavily in the research, development and innovation (RDI) of 5G technology and the EFSI-supported loan from the EIB will allow it to produce enabling technologies that will lead to further innovation and growth across Europe.
5G technology is expected to enable faster speeds, decade-long battery life for sensors and super-responsive and reliable networks for consumers. The low-latency connectivity offered by the new network standard will allow for driverless vehicles, advanced industrial automation services, medical monitoring and other innovations.
Nokia's end-to-end network proposition goes all the way from the radio network to the Internet protocol. The firm's portfolio covers everything a telecom would need to implement its own 5G network.
Nokia's CFO, Kristian Pullola explained how the loan from EIB will allow it to continue to be a true leader in 5G technology in a statement, saying:
"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."
Image Credit: Kārlis Dambrāns