BRUSSELS, May 31 (Xinhua) -- The European Investment Bank (EIB) funded Ericsson to boost 5G technology research and development in Europe, the European Commission said in a press release Thursday.

The EIB has signed a 250 million euros (291 million U.S. dollars) loan agreement with the Swedish telecoms company.

Ericsson's initiative will include the development of hardware and software for the Radio Access Network (RAN). Starting this year, the project is planned to be completed by 2020.

Most of the Ericsson's R&D activities will take place in Sweden, with minor parts also being carried out in Ireland, Spain, Poland and other EU countries.