EUROFIMA’s Green Bond Framework has been created in alignment with the Green Bond Principles 2018 (“GBP”) defined by the International Capital Market Association (ICMA). As such, it follows the four core components as described by the GBP:

  • Use of proceeds
  • Process for project evaluation and selection
  • Management of proceeds
  • Reporting (see separate section)

For further information and details, please download our Green Bond Framework.



Proceeds raised through Green Bond issuances will be exclusively used to finance investments in Eligible Green Assets (electric locomotives, electric multiple units, coaches) used by EUROFIMA’s shareholder railways and/or their affiliates for passenger transport only.

In addition to these criteria, only future investments and investments, which EUROFIMA underwrites within the twenty four months prior to issuance of a Green Bond, will qualify for funds from that specific Green Bond issuance.



EUROFIMA will conduct a thorough assessment of both the railway(s) and the rolling stock that will be financed with the proceeds raised from a Green Bond issuance. The aim of this assessment process is to evaluate, among other things, the use of the rolling stock (i.e. passenger transport only) and the source of power (i.e. electric only). In case the Management Committee approves the respective project, it sends the notification to EUROFIMA’s Board of Directors.



At any time an amount equal to the net proceeds of the issue of the Green Bonds will be separately earmarked withing EUROFIMA's Treasury system and will be part of the regular Asset-Liability (ALM) and Treasury activities. Green Bond proceeds will be mapped to and reported along the categories of investments as per Use of Proceeds. For each Green Bond issue, the funds will be specially earmarked within the company’s internal accounting systems to ensure that such funds are only disbursed to identified projects qualifying as Eligible Green Assets as defined under the Use of Proceeds.