EUROPEAN CIRCULAR BIOECONOMY FUND

The project consists in an equity participation in a fund investing into innovative bioeconomy & circular bioeconomy companies and projects in the EU Member States and Horizon 2020 Associated Countries.

The fund will aim to invest in companies and/or projects that promote the upscale of innovative technology and products in the bioeconomy and circular bioeconomy.

Investments of the Fund may be affected by Annex I and Annex II Environmental Impact Assessment (EIA) Directive 2014/52/EU amending Directive 2011/92/EU, the Industrial Emissions Directive (IED) Directive 2010/75/EU and related national environmental legislation and require screening for an environmental impact assessment as part of their permitting procedure. Details of the Fund's environmental and social due diligence procedures for ensuring compliance with relevant EU and national regulation and EIB's Environmental and Social Standards (E&S), as well as the capacity of the Fund Manager to assess and monitor environmental and social risks and impacts, will be reviewed during appraisal. Given the strong focus that the Fund investments will have on equity investments into existing innovation driven companies, rather than into direct project investments, EIB will make sure that the Fund Manager develops procedures and guides to adequately and successfully incorporate the E&S related guides, as well as the sustainability criteria, into the Corporate Responsibility policies of potential investee companies.

For investments located inside the EU, the Fund is expected to invest only in private companies (or in projects promoted by private companies) not being subject to EU rules on public procurement or concessions. However, if after appraisal, the EIB were to conclude that the Fund invests in projects subject to EU public procurement legislation (Directive 2014/24/EU), then the Bank would require the Fund Manager to take all the requisite measures to ensure that contracts for the implementation of the projects financed by the Fund are tendered in accordance with the relevant applicable EU procurement legislation (Directives 2014/24/EU as well as 89/665/EEC) as interpreted by the Court of Justice of the EU, with publication of tender notices in the Official Journal of the European Union, as and where required. For investments in InnovFin-associated countries the Bank will require the Fund Manager to take all the requisite measures to ensure that contracts for the implementation of the projects financed by the Fund follow fair and transparent procurement procedures and satisfy the criteria of economy and efficiency. If after the appraisal the EIB were to conclude that the Fund invests in projects that according to the EIB Guide to procurement would require the application of public procurement procedures (i.e. projects promoted by utility companies, public entities (or their subsidiaries) or projects and companies that enjoy a concession or exclusive right) the EIB will require the Fund to ensure that implementation of those projects will be done in accordance with the EIB's Guide to Procurement.