INSEAD RENOVATION CAMPUS EUROPE 2

The project supports INSEAD's campus development plan. The project comprises the demolition and reconstruction as well as rehabilitation, expansion and new construction of buildings on its campus in Fontainebleau, France from 2023 to 2028.

The implementation of the Campus development programme will assist INSEAD to meet its strategic objective to strengthen its position as a higher education institution of international reputation by increasing the quality of the learning facilities and by providing additional space for its growth ambitions. The expected benefits of the project include well-trained, entrepreneurial graduates, PhD holders and executives as well as expanded research capacity in economics and business studies.

The Project is eligible under the Bank's Innovation, Digital and Human Capital Public Policy Goal as well as EU public policy goals associated with the European Higher Education Area and the new European Skills Agenda. INSEAD is one of the world's top business schools for start-up founders, with 685 start-ups created by INSEAD alumni since 2006.

The project supports investments in the quality of the campus infrastructure of INSEAD. The project is expected to improve INSEAD's learning, teaching and research spaces in line with its growth strategy and the demands of the 21st century.

The renovated and new buildings will meet high energy-efficiency standards and will include renewable energy sources in the form of geothermal and solar installations.

The unsecured EIB financing will provide a strong signal to other financiers for the current phase as well as the next phase of INSEAD's campus development programme.

Universities are not specifically mentioned in the Environmental Impact Assessment (EIA) Directive 2011/92/EU (amended by Directive 2014/52/EU), though the project is covered by Annex II of the directive in relation to urban development. The Bank's services will verify the screening decision of the competent authority during appraisal and whether an EIA is required. It is expected that the project will have positive social benefits as education is an element of social cohesion. The public buildings will be required to meet at least the minimum national targets concerning energy efficiency. The design energy performance of the buildings and any specific related targets to be met will be verified during appraisal.

The promoter has been assessed by the EIB as being a private company not subject to EU rules on public procurement or concessions. However, if after the project appraisal the EIB were to conclude that the promoter is after all subject to EU public procurement legislation, then the Bank would 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 (Directive 2014/24/EU where applicable as well as Directive 92/13/EEC or Directive 89/665/EEC) 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.