HELSINKI, 26-Dec-2017 — /EuropaWire/ — NIB and the Swedish telecom company Ericsson have signed a 5.5–year loan agreement totalling USD 220 million (EUR 187 million) for financing a research programme for the development of 5G mobile technology.
The loan will finance Ericsson’s research and development costs during 2018–2020. The programme focuses on the development and standardisation of fifth generation (5G) cellular technology for telecom networks.
5G is the next telecommunications standard, which supports device-to-device and massive machine communication.
The R&D programme focuses on increasing network capacity, reducing energy consumption and advanced integration of the “Internet of Things”; a network of devices, home appliances, vehicles and other electronics that allows data to be exchanged between these items.
“The research carried out by Ericsson will advance the development of 5G mobile networks and wireless systems, and allow for increased data rates, improved coverage and new services. This will establish a better-performing network and open up new technological and business opportunities”, says Henrik Normann, NIB President & CEO.
The main part of the R&D activities will be carried out in Sweden, as well as in Finland, Estonia, Poland, Hungary, Spain and Ireland.
Ericsson is a global leader in communications technology and services with headquarters in Stockholm, Sweden. The company consists of more than 111,000 employees who provide customers in 180 countries with solutions and services. Net sales in 2016 were SEK 222.6 billion (USD 24.5 billion). The Ericsson stock is listed on Nasdaq Stockholm and on NASDAQ in New York.
NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.
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SOURCE: Nordic Investment Bank