Finnish telecommunications company Nokia has received a 500 million euro ($580 million) loan from the European Investment Bank (EIB) for development of 5G networks as part of efforts to help European companies compete with Chinese rivals on the continent, media reported on Monday.
MOSCOW (Pakistan Point News / Sputnik - 27th August, 2018) Finnish telecommunications company Nokia has received a 500 million euro ($580 million) loan from the European Investment Bank (EIB) for development of 5G networks as part of efforts to help European companies compete with Chinese rivals on the continent, media reported on Monday.
In late May, EIB sealed a 250 million euro deal with Nokia's Swedish rival, Ericsson, to support 5G technology.
The five-year loan will enable Nokia to carry out research and development in this next-generation technology, according to the Financial Times newspaper.
"Europe needs to be involved in the race for 5G ... We have to understand that our competitors are huge and the likes of Huawei and China mobile. This is where we need to wake up and smell the coffee and get connected," Alexander Stubb, the EIB vice-president and former Finnish prime minister, told the media outlet.
Stubb added that 5G networks were likely to be more important for businesses than ordinary consumers as they would be used for remote surgery, unmanned vehicles, automation systems at factories and other areas.
According to the media outlet, this loan may attract further investment from smaller and medium-seized companies across Europe.
