The European Investment Bank (EIB) has signed an agreement with Compañía Auxiliar de Ferrocarriles (CAF) to provide an €80m ($93.6m) loan to finance a research, development and innovation (RD&I) programme focused on mobility technologies.

The loan will allow CAF to fund digitalisation, autonomous mobility solutions and improved energy efficiency for its trains and buses.

CAF will carry out the RD&I investments in its centres in Spain and Poland.

The project is intended to accelerate changes in the mobility sector linked to economic growth and emissions reduction.

Furthermore, the project is anticipated to boost competitiveness across the EU's industrial sector and address market needs for skilled workers in both urban and interurban transport.

The financing forms part of the EIB Group 2024-2027 Strategic Roadmap, which supports technological innovation, cohesion and environmental sustainability.

It sits within the EIB Group’s TechEU initiative, designed to speed up innovation in the European Union (EU). The initiative aims to mobilise €250bn in investments by 2027 for startups, scale-ups and innovative companies across Europe.

In May this year, CAF secured two maintenance contracts worth nearly €400m ($453.3m), one in the UK and the other in Colombia.

In the UK, CAF renewed its partnership with Northern Trains and Eversholt Rail to maintain Northern's rolling stock fleet.

In March, the firm signed a contract with the Syndicat des Mobilités de Touraine to provide 19 Urbos trams for the new Line II of the Tours tram network, linking La Riche and Chambray les-Tours.

The agreement also covers the supply of depot components and specialised tools.