Nokia and Export-Import bank memorandum of understanding on U.S. jobs, investment
Press Release
Nokia and Export-Import bank memorandum of understanding on U.S. jobs, investment
- Partnership will provide EXIM financing options to Nokia partners for a host of wireless and 5G enabling technologies and jobs efforts.
- The company agreed to collaborate on new ways of enabling job creation, technology investment and supply chain expansion.
- Work has already begun on central tenants of the agreement.
- Nokia is the first technology company to sign an agreement with EXIM.
21 May 2024
Washington D.C. – Nokia today announced the execution of a Framework Agreement with the Export Import bank to provide financing vehicles to partners of the company. The agreement is aimed at driving greater adoption and development of emerging wireless technologies, including 5G and subsequent wireless technologies that will continue to keep the U.S. and its partners at the forefront of emerging capabilities. Technologies also including related network and optical equipment.
Lenny Floria, Head of Regional Treasury and Structured Finance for the Americas at Nokia, said: “We are excited about this partnership with the Export-Import bank and the ways it will enable new investment and competitiveness in an increasingly vital space. As technology continues to transform the global marketplace, ensuring a safe, effective, and reliable communications capability will become absolutely paramount. This partnership is just one step that Nokia is taking to ensure that we provide a host of business solutions and the capabilities to drive that technology for years to come.”
The agreement with the Export-Import Bank continues an ongoing emphasis for Nokia on the North American Market. In 2024, Nokia has become the first technology vendor to announce the availability of Buy America-compliant products, for broadband infrastructure projects implemented by BEAD. This follows the U.S. Governments initiative of “Buy American in meeting the digital divide” through onshoring production in the U.S. and creating U.S. based jobs.
As constructed, the agreements stipulate the following:
- EXIM will support Nokia as authorized under the Transformational Export Program
- Nokia will begin reviewing ways to increase U.S. investment, manufacturing, and job protection, continuing the company’ s commitment to a strong North American presence.
- Nokia agreed to study how the company can meaningfully expand U.S. jobs in the Transformational Export Area, or when possible, minimize the reduction of U.S. based jobs within the next three years.
The agreement has already been executed, with the company already working toward execution of its key provisions.
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