QUAERO EUROPEAN INFRASTRUCTURE FUND II

The project consists of an equity fund investing in infrastructure assets in 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. 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 [outside the EU: with national regulation, the principles and standards of relevant EU legislation and EIB' Environmental and Social Standards] as well as the capacity of the Fund Manager to assess and monitor environmental and social risks and impacts, will be reviewed during appraisal. The Fund will be required to develop an environmental & social policy and establish the appropriate management systems so as to comply with the environmental and social requirements of the Bank. The assessment of the environmental and social impacts and risks will be part of the standard due diligence process that the Fund will have to carry out for each underlying investment, thereby ensuring that the portfolio and these investments are in compliance with national law, EU environmental legislation as well as the EIB Environmental and Social Standards.

In the EU, the EIB 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.