natgillin/translations-raw huggingface dataset:
Den skal isa;r erhverve minoritetsandele i 20-35 unoterede virk somheders egenkapital eller kvasiegenkapital, nemlig virksomheder med dokumenterede gode resultater inden for la:gemidler, helse, na;ringsmidler, drikkevarer og kemiske processer.
The Fund will focus on taking minority equity or equity-related stakes in some 20-35 unlisted ventures with proven track records in pharmaceutical, healthcare, food, beverage and chemical process industries.
Pâ baggrund af disse meget opmuntrende resultater opfordrede Det Europaeiske Râd pâ sit ekstraordinaere mode i Lissabon i marts 2000 Banken til at udbygge sine venturekapitalforretninger, idet det understregede den positive rolle.
On the basis of these very encouraging results, the special European Council in Lisbon, in March 2000, invited the Bank to expand its ven-
som disse forretninger spiller med hensyn til »forberedelse af övergangen til en konkurrencedygtig, dynamisk og videnbaseret okonomi«.
ture capital operations, emphasi sing the positive role played by this instrument in "preparing the transition to a competitive, dyna mic and knowledge-based econo my".
fi dynamisk marked
A dynamic market
Den vaesentligste flaskehals pa det europaeiske marked er og bliver mangelen pà investeringsspecialister med relevant erfaring.
The main bottleneck in the Euro pean market remains the shortage of investment professionals with relevant experience.
Denne knaphed i forhold til investeringsmulighederne pâ dette meget nye omràde berettiger til at stotte udviklingen af hojt kvalificerede teams eller overforsel af knowhow mellem udenlandske forvaltere og nyoprettede europaeiske teams.
Their scarcity relative to investment opportunities - in this very new area - justi fies support for development of high-quality teams or a transfer of know-how between foreign mana gers and newly-established Euro pean teams.
Venturekapitaiindustrien i Europa oplevede en eksplosiv vaekst i arene 1998 og 1999, hvor middeltilvejebringelsen satte ny rekord (knap 21 mia EUR i 1998).
Europe's venture capital industry experienced soaring growth in the period 1998-1999, years in which funds raised climbed to record le vels (close on EUR 21 billion in 1998).
Denne hurtige stigning gik hand i hand med ud viklingen af de nye markeder, der er dukket op pâ de europaeiske borser i de senere âr, og som tilbyder investorerne fordelagtige afvikiingsvilkâr samt muligheden for at reinvestere gevinster.
This swift rise has gone hand in hand with development of the "new markets" emerging on European stock exchanges in re cent years and offering investors advantageous exit conditions as well as the possibility to reinvest gains generated.
EIB tilstraeber den störst mulige virkning pâ dette konstant skiftende marked ved efter bedste evne at malrette sin aktivitet mod de delmarkeder, hvor den kan tilfore störst mulig mervaerdi.
The relatively less developed mar kets in Greece, Portugal and Spain, The EIB is seeking to impact as ef for example, are displaying encour fectively as possible on this con aging signs of taking off and new stantly changing market, directing
Graekenland, Portugal og Spanien viser opmuntrende tegn pâ opsving, og de ansvarlige udvikler nye faerdigheder med hensyn til forvaltning af midlerne.
Nonetheless, the industry remains focused on large-scale transactions, especially management buy outs (MBOs).
Et andet positivt aspekt er de stadig fiere europadaekkende fonde, der ofte koncentrerer sig om investeringer i teknologibaserede mindre og mellemstore virksomheder, og som sigter mod at opnâ en kritisk masse, der tâler sammenligning med de forende amerikanske fondes. Sidstnaevnte bliver stadig mere aktive i Europa og bidrager dermed pâ nyttig vis med saminvesteringer eller overforsel af knowhow.
The share of invest ment in technology, although on a constant upward curve, remains modest in Europe at about a third of the total compared with the its activity as best it can towards those segments where it can bring the most value added.
Ikke desto mindre forbliver In dustrien fokuseret pâ storre forretninger, isaer ledelsers overtagelser af virksomheder.
The Bank is looking to act as a catalyst in its financing operations, by backing funds which, without it, would not have been able to get up and going so rapidly, on the same scale fund management talent is emer ging.
In vesteringerne i teknologi er nok i konstant fremgang, men forbliver stadig beskedne i Europa, hvor de udgor ca. en tredjedel mod to tredjedele i USA. Endvidere er de storste europaeiske venturekapitalmarkeders udvikiingsgrad meget forskellig fra land til land.
Another positive aspect is the appearance of an ever-grow ing number of pan-European funds, frequently targeting invest ment in technology-based SMEs; they are aiming to achieve a criti cal mass comparable with the ma
ElB-finansieret bredbandsnet skal knytte de nordiske lande sammen
ElB-financed broadband network to connect Nordic countries
Det skal give virksomheder og private kunder adgang til hojhastighedskommunikation.
The broadband network will provide high-speed communications services to companies and private customers.
EIB deltager i finansieringen af nettet via sine andele i to noidiske venturekapitalfonde, der har investeret i selskabet.
The EIB is supporting the financing of this broadband network through its participations in rwo Nordic venture capital funds, which have invested in the company.
De administreres af Swedish Litorina Capital Man agement og CapMan Capital Management, der er hjemmehorende i Helsingfors. EIB's investeringer i disse fonde belober sig til i alt henholdsvis 1 1 og 64 mio E.UR.
These funds are managed by Swedish Litorina Capital Management and the Helsinkibased CapMan Capital Management.
Utfors deltager desuden i etableringen afet 1 100 km langt bredbandsnet längs Sveriges nordkyst.
Utfors is also taking part in the construction of a 1 100 km broadband network along the coast of northern Sweden.
Endelig har selskabet planer om at forbinde det svenske lyslederkabelnet med andre europsiske og amerikanske net.
In addition, the company is planning to connect the Swedish optical fibre network with other European and American networks.
Sâdanne svagheder afspejier sig ofte i investeringsprojekternes omfang, beliggenhed eller sektor.
Such shortcomings may show through in the scale of investment schemes, their location or the sec tor in question.
Bankens finansieringsvirksomhed sigter mod at afhjaelpe disse svagheder.
EIB financing is designed to counteract these weak points.
Det kraever innovative og fordelagtige ordninger, der kan stimulere de private investeringer.
This calls for innovative and attractive instruments likely to encourage private investment.
Der er blevet givet tilsagn om yderligere 12 forretninger pà 257 mio, der nu blot skal undertegnes.
A further 257 million under 12 other operations has been approved and is awaiting signature.
Kun tre âr efter at EIB indledte sin aktivitet pà dette omrâde, overstiger dens egenkapitaleller kvasiegenkapitalforpligtelser i EU-landene sâledes 1,1 mia EUR.
Thus, less than three years after the EIB commenced its activity in this field, total equity and quasiequity commitments throughout the Member States ex ceed 1.1 billion euro.
Desuden har ElB bidraget til op rettelsen af en raekke europadaekkende fonde og stottet opiaeringen af nye kapitalforvaltningsteams.
Finally, the EIB has likewise helped to create a number of pan-European funds and lent its support to the formation of new fund man agement teams.
Endelig har den stillet finansiel knowhow til râdighed for op rettelsen af regionale fonde.
It has also made available its financial know-how for the establishment of regional funds.
ElB har lagt hovedvaegten pâ at fremme regionale fonde, seerlig i Det Forenede Kongerige (HSBC Enterprise Fund stiller midier til râdighed for 10 regionale fonde) og Tyskiand (herunder de nye delstater).
The EIB has placed the accent on promoting regional funds, especially in the United Kingdom (the HSBC Enterprise Funds channel resources into 10 re gional funds) and Germany (inclu ding the new Länder).
Banken ma derfor forblive over ordentlig smidig, da markedet er i konstant udvikling.
The Bank must therefore remain extremely flexible, since the market is constantly evolving.
F.eks. har ehandel, der for blot tre àr siden ikke modtog tilstreekkelige finansierings bidrag, for nylig opievet en massiv forogelse af investorernes interesse. ElB investerede aktivt i denne sektor for to til tre âr siden og har hurtigt tilpasset sin strategi i lyset af denne udvikling.
E-commerce, for example, which as little as three years ago was not being sufficiently funded, has recently seen a massive surge in investor interest.
I modsaetning hertil mod tager en sektor af sà strategisk betydning for Europa som bioteknologi fortsat ikke tilstraekkelig stotte fra investorerne, der an ser den for for risikopraeget. Derfor har EIB oget sit engagement pâ det te omrâde.
Conversely, a sector of such strategic importance to Europe as biotechnology is still not attracting enough support from investors, who consider it too risky: so the EIB has stepped up its involvement in this area.
Et andet mal har vaeret at oprette nye venturekapitalfaciliteter i lan de, hvis marked er mindre udviklet end resten af Unionens, f.eks. Graekenland, Spanien, Portugal og Irland.
Another objective has been to set up new venture capital facilities in countries in which the market is less developed than in the rest of the Union, such as Greece, Spain, Portugal and Ireland.
Banken har ydet en be tydelig stotte (i ait ca. 152 mio) til udviklingen af det italienske marked, idet den i 1999 deltog i fem fonde, der netop var blevet oprettet af forskellige banker og venture kapitalselskaber.
The Bank has provided substantial support (to the tune of a total 152 million) for
EIF har hidtil indgâet aftale om 20 forretninger inden for rammerne af Den Europaeiske Finansierings ordning for Teknologi, nemlig pà i ait 98 mio EUR, hvortil kommer tilsagn om yderligere 35 mio EUR, der blot skal undertegnes.
The EIF, for its part, has so far signed 20 operations under the European Technology Facility (ETF) for an aggregate amount of 98 million euro, in addition to which a further 35 million euro has been approved for operations awaiting signature.
I overensstemmelse med Bankens retningslinier for sit mandat har EIF koncentreret sin stotte inden for rammerne af Den Europaeiske Finansieringsordning for Teknologi om venturekapitalmarkedet ved at stille egenkapital til râdighed for nyoprettede hojteknologiske virksomheder.
In keeping with the guidelines of the mandate framed by the EIB, the EIF has focused ETF support on the venture capital segment provi ding equity for fledgling high-tech companies.
Til dels takket vaere denne succesrige start har EIF - som forvalter en blanding af egne midier og midier fra Den Europaeiske Finansieringsordning for Teknologi, herunder dennes iveerkseetterordning (der administreres af EIF og finansieres af EU's budgetmidier) - etableret sig selv som en forende europaeisk institutionel investor i denne sektor.
Partly thanks to this successful start, the EIF, which manages a cocktail of its own re sources and funds from the ETF and the "ETF-Start-Up Facility" (an instrument managed by the EIF and financed from EU budgetary resources) has established itself as
Tabellen s. 12 viser Bankens og dens sosterinstitution EIF's forretninger siden àbningen af udlänsvinduet for mindre og mellemstore virksomheder medio 1997.
Financing in excess of one billion euro by end-T999 urred under the "SME Window" is covered by scoring against the Bank's operating surpluses built up from the EIB's standard longterm lending operations.
De er blevet indgâet enten direkte af ElB - med fonde eller finansielle formidlere -eller indirekte inden for rammerne af Bankens mandater til EIF vedrorende to trancher à 125 mio EUR til finansiering af Den Europaeiske Finansieringsordning for Teknologi.
In 1997, the Governors approved the assignment of one billion euro to guarantee investment up to 2000. They recently authorised a further one billion to be drawn from the operating surpluses for 1999 to 2002, 500 million euro having been set aside in 1999.
Siden udgangen af 1997 har Banken gennemfort 30 egen- eller kvasiegenkapitalforretninger pâ over 600 mio EUR, hvortil kommer det
These were concluded either directly by the EIB with funds or financial inter mediaries or indirectly via mandates entrusted to the EIF in the
Bidrag ifolge indgâede aftaler i mio EUR
Amount signed (EUR million)
Disse ini tiativer vil sandsynligvis fore til, at Banken og EIF yder stotte til nye lederteams.
European Technology Facility (managed by the EIF) (situation as at 31 March 2000)
DEN EUROPytISKE INVESTERINGSBANK Forbedring af uddannelserne overalt i Europa
EUROPEAN INVESTMENT BANK
Derfor er EIB nu rede til at finansiere en lang raekke infrastrukturer og in vesteringer i uddannelsessektoren, lige fra modernisering eller opforelse af skoler og universiteter (af generel eller erhvervsmeessig art) til mere grundiaeggende uddannelsesinvesteringer, bl.a. indforelse af informations- og kommunikationsteknologi, uddannelsesprogrammer samt stotte til forskning og udvikling.
Improving the quality of schooling across Europe tion infrastructure and investment, from modernisation or construc tion of schools and universities (general or vocational), to more fundamental educational invest ment, including the introduction of information and communications technology, training programmes and support for research and development.
Den Europaeiske Union har et betydeligt efterslaeb med hensyn til vedligeholdelse og istandsaettelse af skolebygninger og et pàtraengende behov for nye uddannelsesfaciliteter En oget styrkelse af vidensamfundet forudsaetter supplerende investeringer, sàledes at skole- og universitetsbygningerne kan gores tidssvarende med hensyn til edb-faciliteter og internetadgang.
In the European Union there is a serious backlog in the maintenance and refurbishment of school buildings and an urgent need for new educational facilities. More wide spread development of the knowledge society needs additional investment to bring school/university buildings up to standard in terms of computer facilities and Internet access.
Samtidig har talrige europaeiske lande reduceret deres offentlige udgifter og muligheder for at stille nye midier til râdighed for deres uddannelsessystemer
At the same time, many European countries have reduced public expenditure and their scope for injecting new funds into their education systems.
Fordeiene ved mere uddannelse er velkendte.
The benefits of education are well known.
Et hojere uddannelsesniveau betyder en bedre integration pà arbejdsmarkedet og hojere ind taegter i den erhvervsaktive période.
Higher levels of education al attainment are associated with better labour market integration and higher revenues over the work ing life.
Desuden pavirker tilegnelsen af viden, faerdigheder og kunnen ikke blot praestationerne pâ arbejdspladsen, men ogsâ den sociale adfeerd, f.eks. i form af bedre helse, lavere kriminalitet, oget miljobevidsthed, bedre foraeldreskab samt storre politisk og samfundsmaessigt engagement.
In addition, the creation of knowledge, skills and abilities affects not only performance at work but also social behaviour, such as for example, better health, lower crime, increased environmental consciousness, improved parenting, and higher political and community participation.
Adgang til livslang indleering og et aktivt engagement pà arbejdsmarkedet er sâledes vigtige forudsaetninger for et velfungerende socialt system sâvel som for den okonomiske udvikling.
Access to life-long learning and an active participation in the labour market are thus important conditions for a coherent social fabric and econo mic development.
Men hvilke faktorer er afgorende for et uddannelsessystems effektivitet, og hvilket bidrag yder investeringer i uddannelsesfaciliteter til opnâelsen af det bedst mulige résultat?
But what are the factors which de termine the effectiveness of an educational system, and what is the contribution of investment in educational facilities to delivering these benefits?
engagement i uddannelsessektoren er nu en kerneaktivitet, som ogsâ bliver udvidet til ansogerlandene dene
EIB involvement in the education sector is now a core activity and is being extended to the
Bankens aktivitet i uddannelsessek toren blev udvidet markant ifolge det mandat, som Det Europaeiske Rad fremsatte onske om pà modet i Amsterdam i juni 1997.
The EIB's activities in the education sector significantly expanded un der a mandate called for by the Amsterdam Summit of Heads of State in June 1997.
I overens stemmelse med Det Europaeiske Râds henstiilinger pâ modet i Köln i juli 1999 blev Bankens mandat for ud dannelsessektoren gjort permanent og udvidet til ansogerlandene.
Following the recommendations of the Cologne Summit in July 1999, the Bank's educational mandate was made permanent and extended to the candidate countries.
Pà modet i Lissabon i marts 2000 understregede Det Europaeiske Râd denne opgave yderligere, idet det fremhaevede uddannelse pà lige fod med informations- og kommunikationsteknologi som vejen til skabelse af et viden- og innovationsbaseret samfund.
The Lisbon Summit in March 2000 further em phasised this remit, highlighting education, along with information and communications technologies, as tools for creating a society based on innovation and knowledge.
Sammenhaengen mellem uddannelsesniveau og indkomst er veldokumenteret.
The link between the level of edu cation and income is well estab lished.
Derimod er de faktorer, som er afgorende for elevers/studerendes praestationer ikke sà klare, om end af afgorende betydning.
However, the main factors affecting pupil achievement at schools are less well understood but crucially important.
Der er tegn pä, at elevers/studerendes praestationer afhaenger af skolemiljoets kvalitet.
Because education is an intangible asset, there are great challenges in the appraisal of edu cational projects.
Investeringer i uddannelsesfaciliteter (f.eks. skolemiljo og forholdet mellem
(1) ronment. Indeed, inves ting in school resources (e.g., school spending, teacher-pupil ratio), the quality of educational buildings and school de sign (e.g., class size, conditions of the build-
Der er tegn pâ negative virkninger en uhensigtsmeessig udformning af skolebygningerne kan have pâ elevernes praestationer.
Q^^^^ overcrowding affects the ability of teachers to provide quality teaching, performance is affected by the quality ings) have an impact on the performance of pu-
Da uddannelse er et immaterieit aktiv, er bedommelsen af uddannelsesprojekter forbundet med store udfordringer (').
^'"^ correspondingly reductions in class sizes allow im- nf the académie .
Bygninger ne kan altsâ pà grund af deres udseende og undervisningsmiljo pâvirke sâvel laerernes som elevernes adfaerd og dermed undervisningens resultater.
The effect that b u i l d ings can have the by the ir appearance on educa tion a l p e r fo rmance has and bu t hi rough ldings the school teaching environment can affect both teacher .ind pupil behaviour and consequently educational attainment.
Derfor er det ikke afgorende at ràde over en passende checkliste til afgorelse af, hvorvidt et projekt er okonomisk og socialt acceptabelt ('). Pâ det seneste er inddragelse af den private sektor i nogle lande blevet betragtet som en mulighed for at opveje de reducerede muligheder for at stille offentlige midier til râdighed for finansieringen af nye investeringer i uddannelsesfaciliteter.
Therefore an appropriate "road map" to decide whether a project is economically and socially accep table or not is crucial.(2) Recourse to the private sector has recently been considered in some countries as a means of alleviating the con straint on allocating available pub lic funds to finance new invest ment in educational facilities.
Inddragelsen af private partnere muliggor risikodeling mellem de forskellige aktorer samt udarbejdelse af innovative losninger i forbindelse med opforelsen eller renoveringen af uddannelsesbygninger.
The involvment of private partners al lows risk-sharing between the different players and the development of innovative solutions in the construction or renovation of edu cational buildings.
Bygningernes indflydelse pà elevernes/de studerendes praestationer har vaeret genstand for forskning.
EIB education operations been researched.
EIB's finansieringsbidrag i uddannelsessektoren
School size may also play a role, as well as class size.
Ikke bare klassestorrelsen, men ogsâ skolernes storrelse kan have be tydning.
In the UK, studies on the relationship between school size and examination per formance in secondary schools have shown that exam performance increases with school size but at a decreasing rate.
I Det Forenede Kongerige har undersogelser af forholdet mellem skolestorrelse og eksamenspraestationer pâ gymnasieniveau vist, at eksamenspraestationerne oges i takt med skolestorrelsen, men stadig mindre.
Improvement in buildings affects positively pupil achievement (mea sured by test scores) and student behaviour (measured by attendance and exclusion).
EIB har hidtil finansieret direkte in vesteringer i uddannelsesprojekter pà i alt ca. 2,3 mia EUR.
So far cumulative direct invest ment in educational projects finan ced by the EIB has totalled some EUR 2.3 billion.
Uddannelsesprojekterne er forholdsvis beskedne sammenlignet med andre infrastrukturprojekter.
Projects in educa tion are relatively small compared to other infrastructure projects.
Af de siden 1997 finansierede projekter gen nemfores ca. 90% i udvikiingsomrâder. Bankens mellemkomst forer dermed til en kombination af region, by- og kompetenceforbedring.
Of the projects financed since 1997, around 90 % are situated in assis ted areas.
En forbedring af uddannelsesresultaterne afhaenger derfor af arbejdskraften - dvs. undervisningens og ledelsens kvalitet - gode laeseplaner og en passende kapitaltilforsel.
Hence tr) raise education perfor mance there is a need both for la bour input, that is, teaching and management ability, proper curri cula etc., and also for the provision of good capital input.
Nâr dertil laegges den hastiijhed, der praeger den teknologiske innovation, og vidensamfnndets tiltagende indflydelse, er der behov for, at EIB bidrager fil at daekke disse voksende uddannelsesmaessige behov.
Taking also into acfount the rapid pace of technological innovations and the growing impact of the knowledge society, thete is a role for the EIB in helping to meet these growing educational needs.
Proje ktbedommelse
Project appraisal
(') De mest almindelige former for ekonomisk bedommelse er costbenefiteller nyttevaerdiberegninger.
(1) The major economic evaluation routes are through cost-benefit or cost effective ness analysis.
Som et led i sin bedommelse dokumenterer Banken fordeiene og udgifterne ved projekterne og udskiller dem, der kan opgores i penge.
In its appraisal, the Bank identifies the benefits and costs associated with the project and separates those that can be valued in monetary terms.
De foreliggende opiysninger muliggor ikke altid en vurdering af den ekonomiske rentabilitet. (') Bedommelsen af et uddannelsesprojekt skal ogsà omfatte de forskellige tilgaengelige finansieringsmuligheder. De kan f.eks. vaere of fentlige budgetmidier, lân, finansiel leasing, operationel leasing, outsourcing eller privatfinansiering.
(2) The appraisal of an educational pro ject has also to consider the different fi nancing options available.
Banken bedommer uddannelsesprojekter fia et system- eller landsdaekkende perspektiv.
The Bank evaluates educational projects from a system- or country wide perspective.
For at komme i betragtning skal projekternes evne til at skabe okonomisk vaerdi dokumenteres.
Projects have to demonstrate economic value if they are to be considered for financing.
En vigtig del af investeringsanalysen er at vurdere proiektets indflydelse pà uddannelsessystemets funktion og side 14
An essential part of the analysis of an investment is to consider its im page 14 I KIB INFORMATION
DEN EUROPEISKE INVESTERINGSBANK Forbedring af uddannelserne overalt i Europa
EUROPEAN INVESTMENT BANK Improving the quality of schooling across Europe