Nokia gets $585 million loan to develop 5G

Nokia

In order to compete with Huawei, Qualcomm, ZTE, Samsung and Ericsson, Nokia gets $585 million loan to develop the 5G technology. The 5G development battle is heating up as big names are trying to tap the market as early as possible.

Last week, Nokia announced a flat rate royalty fee of $3.48 per device which is the lowest in the market as Ericsson was planning a scale of $2.50–$5.00 per device. The company HMD global has now taken another step to take the loan of $585 million from European Investment Bank to keep up the pacey development of its 5G technology.

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Nokia will utilize this $585 million loan to drive its 5G vision not only for mobile networks but also for other computing, software, and services. The European Investment Bank said that Europe should participate in the 5G competition and they must not undermine the big competitors from Asia, and America.

Nokia is one of the few companies in Europe which has to potential to take the challenge and compete against the giants in other regions, however, Nokia has been lagging behind in consumer technology for the past few years but now the company is more focused on 5G development.

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Despite Nokia suffered increased losses in 2017, the company is still in a good position to compete with Chinese and American competitors. Nokia has been reclaiming the smartphone market gradually which a range of new smartphones announced this year and the company has scheduled new models for the next year launch.

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