BAKU, Azerbaijan, November 26. The European Investment Bank (EIB) has signed a €500 million loan agreement with Swedish engineering group Sandvik, a global leader in equipment, services, and digital solutions for the mining, manufacturing, and infrastructure sectors, to support the company’s 2026–2029 research and development program, Trend reports via the EIB.
The investment initiative focuses on developing cutting-edge technologies, advanced tooling systems, battery-electric mining equipment, and next-generation solutions for digitalized and automated mining and rock excavation, with projects primarily located in Sweden, Finland, and Germany.
Sandvik has a long-standing partnership with the EIB, with the bank having financed four previous R&D programs since 1999.
The new financing aligns with several of the EIB Group’s strategic priorities, including the Innovation, Digital & Human Capital (IDHC) policy, the Strategic TechEU program for digital and technological innovation, and the Critical Raw Materials (CRM) initiative. The project also contributes to cross-cutting objectives in cohesion, environmental sustainability, and climate action.