KfW IPEX-Bank finances expansion of India's mobile communications infrastructure

• Total financing amounting to around USD 1.6 billion
• Finnvera covered facility for Nokia equipment

KfW IPEX-Bank is contributing to the ~USD 1.6 billion export financing relating to the Finnish company Nokia. The financing is made available to Reliance Jio Infocomm Ltd and covered by the Finnish export credit agency Finnvera. Citi, HSBC, ING and JPMorgan are also involved in the financing.

The network operator Reliance Jio Infocomm Ltd. (a subsidiary of Reliance Industries Ltd. and the largest telecommunications company in India) plans to make substantial investments in upgrading the telecommunications infrastructure in India in the coming years, including upgrading the existing mobile network to the latest ultra-fast 5G technology. In this context, KfW IPEX-Bank had already provided EUR 500 million in the form of export financing for Ericsson's European supplies from Sweden in April 2023, with cover from the Swedish Export Credit Insurance Corporation (EKN). The total financing at the time amounted to around USD 2.1 billion.

With this financing, KfW IPEX-Bank supports the European export industry and the expansion of digitalisation worldwide.