March 5, 2020 / 11:39 PM / a month ago

Nokia draws 500 mln euro R&D loan from EIB

HELSINKI, March 6 (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.

$1 = 0.8906 euros Reporting by Tarmo Virki; Editing by Tom Brown

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