HELSINKI (AP) — Wireless equipment firm Nokia Siemens Networks has received a euro250 million loan from the European Investment Bank (EIB) to develop its network technologies, the company said Monday.

The joint venture between Nokia and Siemens AG said the loan will be used to support research and development in Europe for its multimode radio access network technology.

The technology allows telecommunication companies to use one platform for both GSM and third-generation mobile technologies.

"The EIB attaches particular importance to the development of a knowledge-based economy in the union, which assures long-term growth of European economies," EIB Vice President Eva Srejber said in a statement.