QUAERO EUROPEAN INFRASTRUCTURE FUND

The fund will target investments in small to medium-sized infrastructure projects in Europe with a focus on western and northern Europe.

The fund will target equity investments in small to medium-sized infrastructure projects.

Most of the fund's underlying infrastructure investments will fall under Annex I or II of the Environmental Impact Assessment (EIA) Directive 2011/92/EU, requiring a full environmental impact assessment or screening by the national competent authority on the basis of Annex III to determine the need for further assessment. If an underlying investment is subject to an EIA, the fund will be required to provide the Bank with a copy of the environmental impact study (EIS), including a non-technical summary (NTS), or provide a website link to the location where the EIS is published in compliance with the EIB's public disclosure policy. The fund will confirm that the project incorporates all mitigating measures recommended as a result of the EIA. Where relevant, the fund will obtain written confirmation from the competent authority that the investment will not have any significant negative impact on sites of nature conservation importance, including sites protected under the Habitats and Birds Directives (92/43/EEC and 79/409/EEC respectively) and the associated Natura 2000 network. The legal documentation to be entered into by the Bank will require the fund manager to ensure that its underlying investments respect the requirements and/or principles of the EU directives and comply with the Bank's environmental and social standards. The fund is informed of the relevant EU legislation and of the Bank's requirements. Guidance on the application of the Bank's environmental and social requirements will be provided to the fund.

In the EU, the Bank will require the fund to ensure that contracts for the implementation of the project have been/shall be tendered in accordance with the relevant applicable EU procurement legislation (Directives 2004/18/EC and/or 2004/17/EC as well as Directives 89/665/EEC and 92/13/EEC) as interpreted by the Court of Justice of the EU, with publication of tender notices in the EU Official Journal, as and where required.