ROLLING stock financier Eurofima has revised its lending framework to widen the scope of its financing activities to cover more types of rolling stock.

Under its new long-term strategy, Eurofima is now able to:

  • finance new metro trains, LRVs, infrastructure maintenance vehicles as well as mainline passenger rolling stock
  • finance new wagons and, under certain circumstances, locomotives to be deployed on public service obligation (PSO) operating contracts
  • offer more attractive financing terms beyond 2056, aligned with the long lifecycle of rail assets
  • engage directly with regions and sub-sovereign entities, as clarified in its revised statutes, and
  • waive, on a case-by-case basis, the requirement for collateral, where a risk-based approach indicates this is feasible.

These measures are in addition to expanded financing instruments such as forfaiting or the purchase of receivables from leases or subsidies, and export credit agency (ECA)-backed buyer credits.

With this strategic shift, Eurofima says it expects to accelerate the rollout of low-emission rolling stock, help reduce road congestion and CO₂ emissions in urban areas, improve passenger comfort and accessibility, and support European rolling stock manufacturers and component suppliers.

“Eurofima’s updated framework brings our mission closer to where mobility needs are growing the fastest - in urban areas, in regional systems, and in cities working to modernise and decarbonise their fleets, not just trains, but now also LRVs and metros," says Christoph Pasternak, Eurofima CEO.

Non-profit entity

Based in Basle, Switzerland, Eurofima was founded in 1956 under a treaty signed by 14 European states. As a non-profit entity, it has traditionally supported state-owned railways to finance the renewal and modernisation of railway equipment used for PSO contracts, passing on to its customers the favourable interest rates it is able to receive due to its strong AA rating.

These railways are shareholders in Eurofima, with the current 26 shareholders from 25 states holding varying interests, ranging from German Rail (DB) and French National Railways (SNCF) with a 22.6% stake each to Norwegian operator Vy and Danish State Railways (DSB) with 0.02%. The Eurofima board comprises 12 shareholders, each holding 2% and above.