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EUROFIMA
European supranational organisation for railways From Wikipedia, the free encyclopedia
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EUROFIMA (European Company for the Financing of Railroad Rolling Stock), is a supranational organization based in Basel, Switzerland. Established in 1956, it operates with a non-profit maximizing mission to support the development of public service passenger rail transportation in its Contracting States. The organization assists railways and public transport authorities (PTA) in financing the renewal and modernization of railway equipment used for Public Service Obligation (PSO) contracts.[1][2]
Despite its name, the non-profit has no affiliation to the European Union, unlike peer entities such as the European Investment Bank.[3]
Through a membership model, EUROFIMA finances railway equipment through borrowings. The level of support is dependent on the equity provided by the shareholders.[1]
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History
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Foundation
EUROFIMA was established on November 20, 1956, by an international treaty between sovereign States (“Contracting States”). Initially founded for a period of 50 years.
In 1984 its mandate was extended until 2056 following a decision by the General Assembly to add another 50 years to the term.[4]
Impact of market liberalization 2012-2018
As a result of the 2012-2016 liberalization of European rail markets under successive legislative packages, the European rail market structure changed. This change gave rise to more complex operating and contracting models, with subnational entities emerging as major rolling stock owners in countries such as the United Kingdom, Germany, and France.[3]
In 2018, EUROFIMA's statutes were amended to clarify conditions for public transport authorities and private transport operators to become shareholders or access loans. These changes allow local or regional government guarantees in lieu of state guarantees.[5]
Projects 2020-present
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Shareholders
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EUROFIMA’s shareholders include railway operators and infrastructure managers from its Contracting States or the states themselves. The current shareholders comprise 26 organizations from 25 European countries.[16]
The following table provides a breakdown of shareholders and their respective contributions to the registered share capital.
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Ratings
Credit ratings
The credit ratings are:[24]
ESG ratings
The organizations environmental, social, and governance (ESG) ratings are:
- Sustainalytics (October 2024): 4.6 (negligible risk)[28]
- ISS ESG (November 2022): B- (prime)[29]
References
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