The European Investment Bank (EIB) has granted Ericsson a €250 million credit facility to support the development of 5G network technology.
“The new funding…will support our research and development activities for 5G and extend our debt maturity profile,” Ericsson said in a statement.
Separately, the EIB explained that the credit facility will support an Ericsson R&D initiative that will cover the development of radio access network (RAN) equipment and software, core network, and data and analytics.
Most of the R&D activity will take place in Sweden with minor elements to be carried out in Ireland, Spain, Poland and elsewhere in the EU. The project will begin this year and should be completed by 2020, the EIB said.
“When it comes to developing 5G technology, we need to up our game in Europe,” noted Jyrki Katainen, European Commissioner for jobs, growth, investment and competitiveness.
“Being a leader in telecoms is crucial to maintain our competitiveness on a global stage so sufficient investment in 5G is strategically important for Europe,” he said.
Meanwhile, Alexander Stubb, Vice President of the EIB added that “apart from supporting European technology, this project will also make sure that thousands of highly-skilled jobs will stay in the EU.”