On 27 March 2025, UIC hosted a key progress meeting for the High-Speed Financial Models for Infrastructure (HS-FMI) project, gathering experts from railway undertakings and infrastructure managers to assess the progress made and discuss the upcoming phases.
Launched in November 2024, the HS-FMI project is designed to explore how financial models influence the success and sustainability of high-speed rail infrastructure. Backed by major stakeholders including Spanish Railway Infrastructure Manager (ADIF), German Railways (DB), National Railways of France (SNCF), and Italian State Railways (FSI), the project seeks to provide strategic guidance on risk distribution, private sector involvement, and long-term financial performance.
The project team presented the results of Work Package 1, which analysed 18 high-speed rail projects across Europe, Asia, and North America.
The case studies, ranging from mature systems in Europe to emerging private-led initiatives in the U.S, offer a rich basis for understanding how financing strategies influence delivery timelines, risk allocation, and governance frameworks.
The project is now transitioning to Work Package 2, where the team will:
- Deepen analysis of risk typologies (political, technical, financial)
- Assess how risks are distributed and mitigated across the 18 cases
- Identify good practices and structural weaknesses
This will feed into a comparative synthesis in the next phase and culminate in a series of targeted interviews, bringing together railway stakeholders, public authorities, and private investors.
In an era of growing financial pressure and climate-driven transport reform, the HS-FMI project offers critical insight into how infrastructure projects can be better financed, delivered, and sustained. Its findings will support decision-makers in selecting financial models aligned with national priorities, governance capabilities, and long-term investment goals.
The final report is expected in 2026, with interim findings to be shared during upcoming workshops and technical meetings.
