News & Events

Nokia draws 500 million euro R&D loan from EIB – Source Reuters Tech News

FILE PHOTO: The logo of Nokia is seen before the company’s news conference in Espoo, Finland March 2, 2020. Lehtikuva/Markku Ulander via REUTERS

HELSINKI (Reuters) – Nokia drew a 500-million euro ($561 million) loan from the European Investment Bank (EIB) on Feb. 24, according to its annual report released late on Thursday to the U.S. Securities and Exchange Commission.

The Finnish telecom equipment maker said the R&D loan facility agreement with the EIB, which has an average maturity of approximately five years after disbursement, was signed in August 2018 and was available until last month.

Nokia’s finances have been in focus since late 2019 when the firm halted dividend payouts and said it would need to invest more than it had expected in development of its 5G equipment.

Reporting by Tarmo Virki; Editing by Tom Brown

Read More…

Source Reuters Tech News

Source link