The European Investment Bank (EIB) said it has signed a €500 million loan agreement with Swedish engineering and mining group Sandvik to support the company’s 2026–2029 research and development.

The EIB said the €500 million loan will help accelerate advanced research and development in mining, machining and digital innovation.

“The investment programme focuses on developing new cutting technologies, tooling systems, battery-electric mining equipment, and next-generation solutions for digitalised and automated mining and rock excavation,” said the EIB.

The programme will take place mainly in Sweden, Finland and Germany.

“Europe’s industrial competitiveness depends on sustained investment in innovation and advanced manufacturing,” said EIB Vice-President Karl Nehammer, responsible for operations in Sweden and Finland.

“Sandvik is a global technology leader, and this financing will help accelerate the development of automated, digital and sustainable industrial solutions that strengthen Europe’s strategic autonomy.”

The EIB has a long-standing relationship with Sandvik, having financed four previous research and development programmes since 1999.

“We have a strong strategic focus on developing solutions that enhance productivity, safety and sustainability for our customers,” said Sandvik Chief Executive Officer Stefan Widing.

“The EIB financing supports our long-term research and development initiatives and provides flexibility to our overall funding strategy.”