CANAL SEINE NORD

The project, Seine Nord Europe Canal Project, consists of the construction of a new 107 km long class Vb inland waterway connection between Compiègne and Aubencheul-au-Bac. The project is the central link in the larger Seine-Scheldt cross-border project connecting the Trans-European Transport Network (TEN-T) core waterways in the Seine and Scheldt basins and several core and comprehensive inland ports in the region.

The Seine Nord Europe Canal Project is the central link in the larger cross-border Seine- Scheldt project which was identified as an EU priority project (nr30) in 2004 (Decision 884/2004/EC). In the current TEN-T framework, the Seine - Scheldt project is a pre-identified project on the North Sea - Mediterranean Core Network Corridor. The project consists of investments addressing a missing link in the TEN-T Core inland waterway network in France. The project contributes to the EU policy objective to decarbonise transport by creating the conditions for a significant modal shift of long-distance freight traffic to energy-efficient transport modes. The project will be implemented in the Région Hauts-de-France, which is defined as a "Transition Region." Consequently, the project is expected to be eligible under Article 309 point a) "projects for developing less-developed regions" and under Article 309 point c) "projects of common interest" of the Treaty on the Functioning of the EU.

In this part of the European transport network a large scale inland waterway connection is missing and the share of inland waterway transport is significantly below its logistic potential. The project will allow the use of significantly larger inland waterway vessels with lower operating costs. This will improve the competitive position and increases the use of inland waterway transport which has relatively lower environmental costs for society in terms of greenhouse gas emissions, noise, congestion and accidents. The project will also increase the energy efficiency of inland waterway transport and reduce fuel use per unit transported. The project hence reduces the overall environmental costs of transport but also the costs for the users. The cost reduction will increase the competitiveness of industries in the region. This will support regional economic development and related employment, both in the region where the project is located and in the regions connected by the project.

The Bank's financial contribution is to bring large, flexible and cost effective financing to the SCSNE for very long maturities, allowing it to smooth out as much as possible the impact of public investments supported under the project. EIB lending is also providing a security in terms of financing and that EIB resources are taken into account when assessing liquidity.

The requirements of the Environmental Impact Assessment Directive 2011/92/EU amended by the Directive 2014/52/EU, the Water Framework Directive 2000/60/EC (as amended), Birds Directive 2009/147/EC and Habitats Directive 92/43/EEC, as well as biodiversity assessment requirements, climate change adaptation issues, mitigation/compensation measures and environmental and social monitoring plans, will be verified during appraisal.

The Bank will require the Promoter to ensure that contracts for the implementation of the project will be tendered in accordance with the relevant applicable EU procurement legislation (i.e. Directive 2014/25/EU where applicable, as well as Directive 92/13/EC) as interpreted by the Court of Justice of the EU, with publication of tender notices in the Official Journal of the EU, as and where required.