Prize that elevates the good in French language (5)

I believe the answer is:

nobel

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'prize' is the definition.
(as in the Nobel Prizes)

I cannot understand how the rest of the clue works.

(Other definitions for nobel that I've seen before include "Swedish prize" , "-- Peace Prize" , "Founder of many prizes" , "Giver of many prizes" , "Swedish philanthropist and inventor of dynamite" .)

I've seen this clue in The Globe and Mail.

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