Finland’s export credit agency has backed US$1.6bn in financing for the export of Nokia equipment to India.

Finnvera has provided an undisclosed form of support to five banks providing the loan to Indian telecommunications firm Reliance Jio Infocomm.

Citi, HSBC, ING, KfW-Ipex Bank and JP Morgan are the lenders on the deal. KfW-Ipex published a statement on the deal but declined to disclose the role of each bank or the tenor of the loan, citing confidentiality reasons. Finnvera did not respond to questions about the arrangement.

Reliance Jio intends to make “substantial investments in upgrading the telecommunications infrastructure in India in the coming years”, KfW-Ipex says.

Nokia is a major provider of telecommunications equipment. It frequently strikes financing deals backed by Finnvera, including an ING loan in May for exports to Portugal and Romania.