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Nokia is borrowing $ 560 million for its 5G network

The Finnish phone maker Nokia is one of the major supporters of technology 5G. Except Huawei and Ericsson, few are manufacturers that can compete with Nokia's 5G system. However, the company does not have the financial means to develop 5G technology. As stated in annual report Nokia, the company received a $ 500m loan (about $ 561m) last month to help accelerate the development of its 5G technology.

The company said the loan was signed with the European Investment Bank (EIB) in August 2018. Nokia stopped paying dividends by the end of 2019. In addition, the company says it needs more investment than it had planned to make to develop the equipment for its 5G. Since then, Nokia's financial situation has been the focus of attention industry.

This week, the Finnish company appointed Fortum Group president and CEO as its new chairman and chief executive, who hopes it will be able to renew its 5G business.

The company statement when it signed the loan agreement was as follows: “We will use this loan to further accelerate the development of the standard technology Next Generation 5G Mobile Communication ”.

Nokia along with Huawei and Ericsson, are the top players in the world of 5G network construction. As of last month, Huawei has 91 commercial contracts for its 5G. Ericsson and Nokia have 81 and 68 respectively. Since March 2019, Nokia's shares have fallen by 46%.

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