ESPOO, Finland -- Nokia today signed a EUR 500 million loan transaction with the European Investment Bank (EIB), supported by the European Fund for Strategic Investments (EFSI), a key element of the Investment Plan for Europe, also known as the Juncker Plan.

Nokia will use the loan to further accelerate its research and development of 5G technology, the next-generation mobile telecommunication standard. The EFSI-supported loan from the EIB supports a key European technology provider, Nokia, that invests heavily in research, development and innovation (RDI) in an area which can produce enabling technologies for innovation and growth in Europe.

5G technology is expected to enable faster speeds, massive connectivity, decade-long battery life for sensors and super-responsive and reliable networks for customers. This could power on-demand virtual reality (VR) and augmented reality (AR) experiences, driverless vehicles, medical monitoring, advanced industrial automation services, and other applications - all requiring ubiquitous, low-latency connectivity.

The loan, which extends Nokia's debt maturity profile, has an average maturity of approximately five years after disbursement, which can take place at any time during the next 18 months.

Nokia Corp. (NYSE: NOK)