Nokia borrows €500 million from EIB for investing in software research, development

Nokia may not look like it would need to borrow money from a bank, but this is just what it will do.

The Finnish company announced it has completed a five-year €500 million loan agreement with EIB (the European Investment Bank).  

The money will be used for financing software R&D (research and development) in order to make Symbian devices “more competitive” during the interval 2009 – 2011.

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Nokia says that the loan will also help the Symbian Foundation in developing its open-source mobile platform, which should be released sometime later this year.

Further details about the half-billion Euro loan remain undisclosed for the moment.

Via Nokia

Author: Ilinca Nita

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