The European Investment Bank and Ramirent have signed a €50 million loan agreement that underlines the strength and sustainability of Ramirent’s business model. Ramirent, headquartered in Finland, has operations in 10 European countries with 298 customer centers.

Ramirent, in addition to promoting rental and wanting to change the industry’s traditional culture of machinery ownership, is wants to improve productivity and safety on construction sites. Ramirent has put special focus on meeting the increasing demand for sustainable and responsible solutions in the field of safety in particular, the company said. Ramirent has invested in its own R&D department, and has developed and patented several innovative rental products with unique safety features.

“We are delighted to have secured this competitive financing from a major European financing institution such as the EIB on the basis of the sustainable business model that Ramirent represents,” said Tapio Kolunsarka, Ramirent president and CEO. “We are further encouraged to continue increasing the attractiveness of renting versus owning through improving our service levels and offering especially towards the small and medium-sized businesses.”

The EIB places great importance on the environment and efficient use of resources, and business models based on innovations, sharing, re-using and growth are in the bank’s interests.

“Sharing is caring,” said vice-president Alexander Stubb, responsible for EIB operations in Northern European countries. “And the EU Bank very much cares about environmental impact and the reasonable use of scarce resources. Business models based on sharing and re-using common goods such as Ramirent’s – Ramirent’s equipment is used more than double the rate of equipment that is purchased and not rented – help to extend the life and use of products and lead the way to a more sustainable economy.”

The agreement was made possible by the European Fund for Strategic Investments, the central pillar of the Investment Plan for Europe. It was launched by the EIB Group and the European Commission to boost the competitiveness of the European economy.