Reliance Jio is raising up to $2 billion in offshore loans to fund the purchase of 5G network equipment from Ericsson. BNP Paribas is the lead arranger of the loan and will provide $1.9-2 billion over a nine-month period. The funding is through a discounted process.

Meanwhile, Sweden-based EKN recently provided a $2.2 billion cover to Jio. The cover from EKN will insure Jio’s 5G gear supplier, Ericsson, and the telco’s global lenders including BNP Paribas, from risks. This will likely reduce Jio’s overall 5G equipment funding costs.