Nokia has signed a €500m loan with the European Investment Bank as authorities on the continent look to support some of their large technology companies against Chinese rivals in the race to dominate 5G mobile networks.
Months after supporting Sweden’s Ericsson in the same technology, the EIB is giving Nokia a five-year loan to help its research and development efforts in 5G.
“Europe needs to be involved in the race for 5G,” Alexander Stubb, EIB vice-president and former Finnish prime minister, told the Financial Times. “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.”
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