Nokia Corporation (NYSE:NOK) is borrowing $640 million from the European Investment Bank as part of a five-year loan agreement to fund their software R&D projects. Nokia hopes that this investment will enhance Symbian-based smartphones. This loan will also benefit the Symbian Foundation and their contributions to open-source mobile software. About 78 companies have already pledged support to the Symbian Foundation including MySpace, Qualcomm, SanDisk, and Bank of America.

[via Fierce Wireless]