natgillin/translations-raw huggingface dataset:
XI Based on these observations, we make recommendations for: (a) promoting the justified use of higher-risk EIB products under EFSI; (b) encouraging complementarity between EU financial instruments and EU budgetary guarantees; (c) improving the assessment of whether potential EFSI projects could have been financed from other sources; (d) estimating better the investment mobilised; (e) improving the geographical spread of EFSI supported investment. 6 
XI Sodišče na podlagi teh ugotovitev priporoča, naj se: (a) spodbuja upravičena uporaba produktov EIB z višjim tveganjem v okviru sklada EFSI, (b) spodbuja dopolnjevanje med finančnimi instrumenti EU in proračunskimi jamstvi EU, (c) izboljša ocena tega, ali bi bilo potencialne projekte sklada EFSI mogoče financirati iz drugih virov, (d) bolje ocenijo privabljene naložbe, (e) izboljša geografska porazdelitev naložb, podprtih iz sklada EFSI. 6
Introduction 01 In November 2014, immediately after taking office, the new European Commission and the European Investment Bank Group (“the EIB Group”) jointly announced the Investment Plan for Europe (the IPE or “Juncker Plan”)1. The IPE was launched as a response to the decline in investments in Europe following the financial and economic crisis which began in 2008. 
Uvod 01 Novembra 2014, takoj po nastopu mandata, sta nova Evropska komisija in skupina Evropske investicijske banke (v nadaljevanju: skupina EIB) skupaj napovedali naložbeni načrt za Evropo („Junckerjev načrt“).1 Naložbeni načrt za Evropo je bil uveden kot odziv na upad naložb v Evropi po finančni in ekonomski krizi, ki se je začela leta 2008.
At the same time, the Commission recognised the fiscal constraints facing Member States and the limited flexibility provided by the existing EU spending programmes. 
Komisija je hkrati uvidela fiskalne omejitve, s katerimi se spopadajo države članice, in omejeno fleksibilnost, ki jo zagotavljajo obstoječi programi porabe EU.
The Commission estimated the investment gap to be between €230 and €370 billion per year below the “sustainable” investment levels in the EU2. 02 The overall aim of the IPE is to increase investment levels and remove obstacles to investment in the EU. 
Ocenila je, da je letna naložbena vrzel med 230 in 370 milijardami EUR pod „vzdržnimi“ ravnmi naložb v EU.2 02 Splošni cilj naložbenega načrta za Evropo je povečati raven naložb in odpraviti ovire za naložbe v EU.
It consists of three mutually reinforcing pillars: (i) the European Fund for Strategic Investments (EFSI), providing finance for investment; (ii) the European Investment Advisory Hub, providing technical assistance to project promoters, and the European Investment Project Portal, providing visibility and exchange of information for projects looking for finance; and (iii) regulatory and structural reforms to remove barriers to investment. 
Načrt je sestavljen iz treh medsebojno podpirajočih se stebrov: i) Evropskega sklada za strateške naložbe (EFSI), ki zagotavlja finančna sredstva za naložbe; ii) Evropskega svetovalnega vozlišča za naložbe, ki zagotavlja tehnično pomoč nosilcem projektov, in Evropskega portala naložbenih projektov, ki zagotavlja razpoznavnost in izmenjavo informacij za projekte, ki iščejo financiranje; in iii) regulativnih in strukturnih reform za odpravo ovir pri naložbah.
03 The EFSI is not a separate legal entity from the EIB but it has a distinct governance structure, comprising a Steering Board, composed of three Commission’s representatives and one EIB representative in which decisions are taken by consensus, an Investment Committee and a Managing Director. 
03 Sklad EFSI ni pravni subjekt, ki bi bil ločen od Evropske investicijske banke, vendar ima ločeno strukturo upravljanja, ki jo sestavljajo: usmerjevalni odbor, sestavljen iz treh predstavnikov Komisije in enega predstavnika EIB, v katerem se odločitve sprejemajo soglasno, naložbeni odbor in izvršni direktor.
The governance structure was finalised in January 2016 when the Investment Committee was appointed. 
Struktura upravljanja je bila dokončno oblikovana januarja 2016, ko je bil imenovan naložbeni odbor.
In the interim, the approval for the use of the EU guarantee was given by the Commission. 
V prehodnem obdobju je odobritev za uporabo jamstva EU dajala Komisija.
EFSI operations also need to be approved by the EIB and EIF governing bodies under the same policy, rules and procedures that apply to non-EFSI operations. 
Operacije EFSI morata odobriti upravljavska organa EIB in Evropskega investicijskega sklada v okviru iste politike, pravil in postopkov, kot veljajo za operacije, ki ne spadajo pod sklad EFSI.
04 EFSI was set up in order to mobilise €315 billion in new investments in the real economy in the three year period to July 2018 to fund (strategic) investments in a wide range of EU policy areas (transport and energy, education, research and innovation, etc.), as well as to increase access to finance for small businesses3. This was to be COM(2014) 903 final of 16.11.2014. https://ec.europa.eu/commission/publications/why-eu-needs-investment-plan_en. 
04 Sklad EFSI je bil vzpostavljen, da bi v triletnem obdobju do julija 2018 privabil 315 milijard EUR novih naložb v realno gospodarstvo za financiranje (strateških) naložb na mnogih različnih področjih EU (promet in energetika, izobraževanje, raziskave in inovativnost itd.), pa tudi zaradi izboljšanja dostopa malih podjetij do financiranja.3 To naj bi se doseglo z uporabo zmogljivosti za prevzemanje tveganj v višini 21 milijard COM(2014) 903 final z dne 16. novembra 2014. https://ec.europa.eu/commission/publications/why-eu-needs-investment-plan_en.
Article 3 of Regulation (EU) 2015/1017 of the European Parliament and of the Council (OJ L 169, 1.7.2018, p. 
Člen 3 Uredbe (EU, Euratom) št. 2015/1017 Evropskega parlamenta in Sveta (UL L 169, 1.7.2018, str.
1) (”EFSI Regulation”). 
1) (uredba o skladu EFSI).
achieved using €21 billion of risk-bearing capacity , composed of a €16 billion guarantee from the EU budget and €5 billion from the EIB’s own resources, in order to enable the EIB Group to provide additional financing (Figure 1), initially estimated at €61 billion4. 8 Figure 1 – EFSI set-up as adjusted in July 2016 EU budget €16 bn €21 bn Infrastructure and Innovation Window (EIB) €15.5 bn EIB own resources €5 bn Source: EIB, Report to the European parliament and the Council on 2017 EIB Group financing and investment operations under EFSI. 
EUR, ki jo sestavljata jamstvo iz proračuna EU višini 16 milijard EUR in 5 milijard EUR lastnih sredstev EIB, da bi se skupini EIB omogočilo zagotoviti dodatno financiranje (slika 1), prvotno ocenjeno na 61 milijard EUR.4 Slika 1 – Sestava sklada EFSI, kot je bila prilagojena julija 2016 Vir: EIB, Report to the European parliament and the Council on 2017 EIB Group financing and investment operations under EFSI 05 Naložbene operacije sklada EFSI potekajo v dveh tematskih sklopih ali „delih“: (i) delu za infrastrukturo in inovacije, ki ga upravlja EIB in katerega cilj je zagotavljanje finančnih sredstev strateškim projektom, in (ii) delu za MSP, ki ga upravlja Evropski investicijski sklad in katerega cilj je podpora MSP in podjetjem s srednje veliko tržno kapitalizacijo (podjetja z največ 3 000 zaposlenimi).
Debt-type operations include mainly standard loans, guarantees and counter guarantees. Equity-type operations include direct and indirect equity and quasi-equity participations and subordinated loans. 
Operacije zvezi z dolžniškim kapitalom zajemajo v glavnem standardna posojila, jamstva in posredna jamstva. operacije v zvezi z lastniškim kapitalom zajemajo neposredne in posredne naložbe v lastniški kapital ali navidezni lastniški kapital ter podrejene dolgove.
SME Window (EIF) €5.5 bn 4 5 
8 4 5
investment in any three Member States together (measured by approved and signed loan/investment amounts) should not exceed 45 % of the total EFSI portfolio6 by the end of investment period (end 2020 for approvals and end 2022 for signatures). There are no concentration limits set for the SMEW. 
Kljub temu pa je usmerjevalni odbor EFSI postavil okvirno mejo za geografsko diverzifikacijo in koncentracijo za del za infrastrukturo in inovacije, ki določa, da delež naložb v katerih koli treh državah članicah skupaj (merjen kot odobrena in sklenjena posojila/naložbeni zneski) do konca naložbenega obdobja (konec leta 2020 za odobrene in konec leta 2022 sklenjene operacije) ne sme presegati 45 % celotnega portfelja sklada EFSI.6 Za del za mala in srednja podjetja ni določenih omejitev geografske koncentracije.
07 The Commission also recognised the need for effective involvement on the part of the National Promotional Banks and Institutions (NPBIs) in order to enhance the impact of the IPE and EFSI on investment, growth and employment. 
07 Komisija je priznala tudi potrebo po uspešnem sodelovanju nacionalnih spodbujevalnih bank in institucij, da bi se okrepil učinek naložbenega načrta za Evropo in sklada EFSI na naložbe, rast in zaposlovanje.
By July 2015, eight NPBIs had committed to provide co-financing to projects and investment platforms for a total financing volume of up to €34 billion7. The EFSI Regulation lays down several ways in which NPBIs can contribute to EFSI, including participation in investment platforms or in individual EFSI projects as co-financiers. 
Do julija 2015 se je osem nacionalnih spodbujevalnih bank in institucij zavezalo, da bodo zagotovile sofinanciranje za projekte in naložbene platforme v skupni vrednosti do 34 milijard EUR.7 Uredba o skladu EFSI določa več načinov, kako lahko nacionalne spodbujevalne banke in institucije prispevajo k skladu EFSI, vključno s sodelovanjem v naložbenih platformah ali s sofinanciranjem pri posameznih projektih sklada EFSI.
08 According to the EFSI Regulation, the EU guarantee should be granted in support of projects that, among other things, provide “additionality”8. This means that, in principle, EFSI finance is intended for operations which address market failures or sub-optimal investment situations and which could not have been carried out in the same period during which the EU Guarantee can be used9, or not to the same extent, by the EIB, the EIF or under existing EU financial instruments without EFSI support. 
08 V skladu z uredbo o skladu EFSI se jamstvo EU odobri za podporo projektom, ki med drugim zagotavljajo „dodatnost“.8 To pomeni, da je financiranje iz sklada EFSI načeloma namenjeno operacijam, ki odpravljajo nedelovanje trga ali neoptimalne naložbene okoliščine in ki jih v obdobju, v katerem se lahko uporabi jamstvo EU9, brez podpore sklada EFSI ne bi bilo mogoče izvesti s strani EIB ali Evropskega investicijskega sklada ali v okviru drugih obstoječih finančnih instrumentov Unije ali pa jih ne bi bilo mogoče izvesti v enaki meri.
As shown in Figure 2, the Commission had already established centrally managed financial instruments under seven EU programmes EFSI Strategic Orientation, 15 December 2015 (http://www.eib.org/attachments/strategies/efsi_steering_board_efsi_strategic_orientatio n_en.pdf). 
09 Sklad EFSI naj bi tudi „dopolnjeval in nadgrajeval obstoječe programe EU in tradicionalne dejavnosti EIB“10 in prispeval k „doseganju ciljev politik Unije, kot so Strateške usmeritve sklada EFSI, 15. december 2015 (http://www.eib.org/attachments/strategies/efsi_steering_board_efsi_strategic_orientatio n_en.pdf).
COM(2015) 361 final of 22.7.2015. 
COM(2015) 361 final z dne 22. julija 2015.
Article 5 of the EFSI Regulation. 
Člen 5 uredbe o skladu EFSI.
The initial investment period during which the EU guarantee may be granted for supporting financing and investment operations covered by the EFSI Regulation lasts until 5 July 2019 (approvals) and 30 June 2020 (signatures) and was extended until 31 December 2020 (approvals) and 31 December 2022 (signatures). 
Začetno naložbeno obdobje, v katerem se lahko odobri jamstvo EU za podporo operacijam financiranja in naložbenim operacijam, ki jih zajema uredba o skladu EFSI, traja do 5. julija 2019 (odobritve) in 30. junija 2020 (sklenitve) in je bilo podaljšano do 31. decembra 2020 (odobritve) in 31. decembra 2022 (sklenitve).
10 Recital 8 of the EFSI Regulation. 11 Recital 13 of the EFSI Regulation. 9 6 7 8 9 
9 6 7 8 9 10 Uvodna izjava 8 uredbe o skladu EFSI.
covering different policy areas, with an initial budget or ‘financial envelope’ of around €7.4 billion. 
Začetni proračun zanje je znašal približno 7,4 milijarde EUR.
In addition, the amount of financial instruments under European Structural and Investment Funds (ESI Funds) in the 2014-2020 period is expected to be €20.2 billion12, which is almost double that of the previous period. 
Poleg tega naj bi sredstva finančnih instrumentov v okviru evropskih strukturnih in investicijskih skladov (skladi ESI) v obdobju 2014–2020 znašala 20,2 milijarde EUR12, kar je skoraj dvakrat toliko kot v prejšnjem obdobju.
12 Open Data Platform (https://cohesiondata.ec.europa.eu/dataset/ESIF-2014-2020-categorisation-ERDF-ESF-CF/9fpg-67a4) as of 22.05.2017. 
12 Javna podatkovna platforma (https://cohesiondata.ec.europa.eu/dataset/ESIF-2014-2020-categorisation-ERDF-ESF-CF/9fpg-67a4) z dne 22.
11 In June 2018, the Commission proposed an integrated investment model called “InvestEU” as part of the package of proposals for the next multi-annual financial framework. 
11 Junija 2018 je Komisija kot del svežnja predlogov za naslednji večletni finančni okvir predlagala integriran naložbeni model, imenovan „InvestEU“.
It will support EU investment priorities and encourage synergies between different EU financial instruments in the period 2021-202714. The proposal aims to build on the experience of EFSI and financial instruments within the meaning of the Financial Regulation and to mobilise the investment of a further estimated €650 billion by making available an additional €38 billion EU budgetary guarantee. 
Uporabljal se bo v obdobju 2021–2027 za podporo naložbenih prioritet EU in spodbujanje sinergij med različnimi finančnimi instrumenti EU.14 Namen predloga je nadgraditi izkušnje v zvezi s skladom EFSI in finančnimi instrumenti v smislu finančne uredbe in z dodatnimi 38 milijardami EUR proračunskega jamstva, ki bo dano na razpolago, privabiti dodatne naložbe v višini okoli 650 milijard EUR.
It could therefore represent a continuation of a large investment programme that was started with EFSI. 
Zato bi lahko pomenil nadaljevanje velikega naložbenega programa, ki se je začel s skladom EFSI.
According to the Commission, the InvestEU will be market-driven and will focus on four main policy areas: (i) sustainable infrastructure, (ii) research, innovation and digitisation, (iii) SMEs and small mid-cap companies and (iv) social investment and skills. 
Glede na izjave Komisije bo program InvestEU tržno naravnan, osredotočal pa se bo na štirih glavna področja: (i) trajnostno infrastrukturo, (ii) raziskave, inovacije in digitalizacijo, (iii) mala in srednja podjetja ter manjša podjetja s srednje veliko tržno kapitalizacijo in (iv) socialne naložbe in znanje.
11 14 Proposal for a regulation of the European parliament and the Council establishing the InvestEU Programme (COM(2018) 439 final of 6.6.2018). 
14 Predlog uredbe Evropskega parlamenta in Sveta o vzpostavitvi programa InvestEU (COM(2018) 439 final z dne 6. junija 2018).
Audit scope and approach 12 The aim of the audit was to assess whether EFSI is effective in raising finance to support investments in the EU. 
Obseg revizije in revizijski pristop 12 Cilj revizije je bil oceniti, ali je sklad EFSI uspešen pri zbiranju finančnih sredstev za podporo naložbam v EU.
We examined whether: (a) the EIB provided the expected level of higher-risk financing by July 2018; (b) EFSI replaced other EIB and EU financing operations; (c) investment projects could have been financed in the EFSI implementation period with other public or private funds; (d) reported estimates of investments mobilised by EFSI were realistic in terms of their impact on the real economy; (e) the EFSI investment portfolio was suitably balanced in terms of relevant EU areas and geographic concentration. 
Sodišče je preučilo, ali: (a) je EIB do julija 2018 zagotovila pričakovani obseg financiranja z višjim tveganjem, (b) je sklad EFSI nadomestil druge operacije financiranja EIB in EU, (c) bi bilo naložbene projekte v obdobju izvajanja sklada EFSI mogoče financirati tudi z drugimi javnimi ali zasebnimi sredstvi, (d) so bile sporočene ocene naložb, ki naj bi jih privabil sklad EFSI, realne, kar zadeva njihov vpliv na realno gospodarstvo, (e) je bil naložbeni portfelj sklada EFSI ustrezno uravnotežen, kar zadeva relevantna področja in geografsko koncentracijo v EU.
13 We also took note of the Commission’s proposal to set up the InvestEU Programme and we carried out a preliminary analysis. 
13 Sodišče se je seznanilo tudi s predlogom Komisije o vzpostavitvi programa InvestEU in je izvedlo predhodno analizo.
14 This audit covered the EFSI operations from its launch in 2015 until July 2018. 
14 Revizija Sodišča je zajemala dejavnosti sklada EFSI od njegovega začetka leta 2015 do julija 2018.
We focused primarily on the IIW, which accounts for nearly three quarters of the amount of the EFSI guarantee. 
Sodišče se je osredotočilo predvsem na del za infrastrukturo in inovacije, ki predstavlja skoraj tri četrtine zneska jamstva sklada EFSI.
Our audit work consisted of: (a) a review of various Commission and EIB evaluations (including the June 2018 EIB evaluation of the EFSI16), EIF evaluations, official documentation, operational reports, etc. relating to EFSI and existing financial instruments, as well as third-party analyses and publications; (b) a portfolio analysis of EFSI operations that had been signed by 31 December 2017 and a detailed review of 15 IIW operations selected from the 124 IIW operations 15 Special Report 20/2017 “EU-funded loan guarantee instruments: positive results but better targeting of beneficiaries and coordination with national schemes needed” (http://eca.europa.eu). 
Del za mala in srednja podjetja je bil delno zajet v enem od prejšnjih posebnih poročil Sodišča.15 Revizijsko delo Sodišča je zajemalo: (a) (b) pregled različnih ocen, ki sta jih opravili EIB in Komisija (vključno z oceno sklada EFSI, ki jo je objavila EIB junija 201816), ocen Evropskega investicijskega sklada, uradne dokumentacije, operativnih poročil itd., ki so se nanašali na sklad EFSI in obstoječe finančne instrumente, ter analiz, ki so jih opravile tretje osebe, in objav, analizo portfelja operacij sklada EFSI, ki so bile sklenjene do 31. decembra 2017, in podroben pregled 15 operacij, izbranih izmed 124 operacij iz dela za infrastrukturo in inovacije, sklenjenih do 31. decembra 2016 (kar je zajemalo 12 15 Posebno poročilo št. 20/2017 – Instrumenti za posojilna jamstva, ki jih financira EU: rezultati so pozitivni, vendar sta potrebna boljša ciljna usmerjenost v upravičence in boljše usklajevanje z nacionalnimi shemami.
16 Evaluation of the European Fund for Strategic Investments, EIB (Operations Evaluation), June 2018. 
16 Evaluation of the European Fund for Strategic Investments, EIB (Operations Evaluation), junij 2018.
signed by 31 December 2016 (covering the EIB’s appraisal, approval, reporting and monitoring documentation); (c) interviews with officials from the Commission, the EIB and the EIF, with selected IIW project promoters and Member States’ NPBIs, the European Bank for Reconstruction and Development and other relevant stakeholders; (d) our surveys of the EIB’s IIW direct counterparts (project promoters, investors and financial intermediaries) and NPBIs; (e) consultation with experts on the various aspects covered by this audit. 
dokumentacijo EIB v zvezi z odločanjem o odobritvi, odobritvijo, poročanjem in spremljanjem), (c) razgovore z uradniki Komisije, EIB in Evropskega investicijskega sklada, izbranimi nosilci projektov iz dela za infrastrukturo in inovacije in nacionalnimi spodbujevalnimi bankami in institucijami iz držav članic, Evropsko banko za obnovo in razvoj (EBRD) in drugimi ustreznimi deležniki, (d) ankete Sodišča, naslovljene na neposredne partnerje iz dela za infrastrukturo in inovacije EIB (nosilci projektov, vlagatelji in finančni posredniki) in nacionalne spodbujevalne banke in institucije, (e) posvetovanje s strokovnjaki o različnih vidikih te revizije.
13 Observations The EIB Group approved close to the expected levels of higher-risk financing under EFSI 15 In order to reach the target of €315 billion of mobilised investment, the EIB expected to approve €61 billion of EFSI supported financing by July 2018. 
13 Opažanja Skupina EIB je v okviru sklada EFSI odobrila zneske financiranja z višjim tveganjem blizu pričakovane višine 15 Da bi se dosegel ciljni znesek 315 milijard EUR privabljenih naložb, naj bi EIB do julija 2018 po pričakovanjih odobrila 61 milijard EUR financiranja s podporo sklada EFSI.
The EFSI portfolio should have an overall higher risk profile than the portfolio of investments supported by the EIB under its normal investment policies before the EFSI Regulation entered into force. 
Portfelj sklada EFSI naj bi imel v splošnem višji profil tveganja kot portfelj naložb, ki ga EIB podpira v okviru svoje običajne naložbene politike pred začetkom veljavnosti uredbe o skladu EFSI.
Projects supported by the EFSI should also typically have a higher risk profile than projects supported by normal EIB operations17. The total approved EFSI financing in the first 3 years reached the amounts % originally expected 16 As at 30 June 2018 the total approved EFSI financing amounted to €59.3 billion, close to the expected levels. % By 17 July 2018, the EIB had approved €65.5 billion of financing, surpassing the indicative volume of finance to be raised. 
Projekti, ki jih podpira sklad EFSI, naj bi običajno imeli višji profil tveganja kot projekti, ki jih EIB podpira s svojimi običajnimi operacijami.17 Skupno odobreno financiranje sklada EFSI v prvih treh letih je doseglo prvotno načrtovane zneske 16 Skupna odobrena finančna sredstva sklada EFSI so 30. junija 2018 znašala 59,3 milijarde EUR, kar je blizu pričakovanega obsega.
The total signed EFSI financing for the two windows on 30 June 2018 amounted to €42.9 billion. 
Skupno sklenjeno financiranje sklada EFSI pa je 30. junija 2018 znašalo 42,9 milijarde EUR.
The EIB had signed 312 operations for an amount of €30.5 billion under the EFSI IIW and 384 operations amounting to €12.4 billion under the SME Window. 
EIB je sklenila 312 operacij v znesku 30,5 milijarde EUR v okviru dela za infrastrukturo in inovacije in 384 operacij v znesku 12,4 milijarde EUR v okviru dela za MSP.
Annex I summarises the EFSI data reported as at 30 June 2018. 
V Prilogi I so povzeti podatki sklada EFSI, o katerih se je poročalo 30. junija 2018.
17 A number of factors contributed to this result: (a) Establishing EFSI outside the Financial Regulation made it possible to set it up within a short timeframe, without an ex-ante evaluation or an impact assessment; (b) The inherent flexibility of EFSI to fund a wide range of projects through many types of financial products and with few sectors or geographical constraints allowed for a large number and volume of potential financial operations (see Annex II). 
17 K temu rezultatu so prispevali številni dejavniki: (a) Ker je bil sklad EFSI ustanovljen izven obsega uporabe finančne uredbe, ga je bilo mogoče vzpostaviti v kratkem časovnem obdobju, brez predhodne ocene ali ocene učinka. (b) Inherentna fleksibilnost sklada EFSI, ki dovoljuje financiranje širokega nabora projektov z mnogimi vrstami finančnih produktov in malo sektorskimi ali geografskimi omejitvami, je omogočila veliko število in obseg potencialnih finančnih operacij (glej Prilogo II).
In particular, interventions financed from the EIB’s own resources are not subject to State aid assessment. 
Zlasti za intervencije, ki se financirajo iz lastnih sredstev EIB, se ne zahteva izvedba ocene v zvezi z državno pomočjo.
This makes the EFSI approval process swifter and more flexible than the approval processes of EU financial instruments under shared management; 14 17 Article 5(1) and Annex II.2 of the EFSI Regulation. 
Zato je 14 17 Člen 5(1) uredbe o skladu EFSI in Priloga II.2 k njej.