Nokia has signed a €250 million (284 million) loan transaction with the Nordic Investment Bank (NIB) to finance research and development activities related to 5G technology.
The loan will finance Nokia's extensive research and development program focused on 5G activities in Europe in 2018-2020, Nokia said in a statement.
The investment will especially focus on developing new 5G-related end-to-end product offerings for different business areas.
This would bring the overall amount of publicly announced 5G funding by Nokia to over $850 million. In August, Nokia secured a €500 million ($570 million) loan from the European Investment Bank (EIB) to fund 5G R&D.
"We are pleased to receive this financing commitment from the NIB, which shares our view of the revolutionary nature of 5G. This financing will further support 5G research and development in Europe and it bolsters the momentum we have already seen this year as the era of 5G begins," Nokia CFO Kristian Pullola said.
"The business opportunities of 5G are numerous, as it will be the first mobile generation designed from the beginning for machine-type communication. Nokia's research and development is likely to benefit not just the telecom sector, but also several high-technology operators in our member countries," added NIB president and CIO Henrik Normann.