natgillin/translations-raw huggingface dataset:
07 The Cotonou Agreement states that the Investment Facility must operate on market-related terms without creating distortions in local markets or displacing private sources of finance. 
07 V Sporazumu iz Cotonouja je navede‐ no, da mora sklad za spodbujanje na‐ ložb delovati pod tržnimi pogoji brez povzročanja izkrivljanja na lokalnih trgih ali izpodrinjanja zasebnih virov financiranja.
The Facility must also seek to have a catalytic effect by encouraging the mobilisation of long-term local resources and attracting private investors and lenders5. 
Sklad si mora prizadevati tudi za dosego učinka katalizatorja s spodbujanjem mobilizacije dolgoroč‐ nih lokalnih virov ter zasebnih vlagate‐ ljev in posojilodajalcev5.
3 Article 51 of Council Regulation (EU) 2015/323 of 2 March 2015 on the financial regulation applicable to the 11th European Development Fund (Financial Regulation) (OJ L 58, 3.3.2015, p. 
3 Člen 51 Uredbe Sveta (ES) št. 2015/323 z dne 2. marca 2015 o finančni uredbi, ki se uporablja za 11. Evropski razvojni sklad (finančna uredba) (UL L 58, 3.3.2015, str.
4 Nevertheless, the Parliament formulated several recommendations concerning the Investment Facility in its resolution of 29 April 2015 on Discharge 2013: EU general budget - 8th, 9th and 10th EDFs, P8_TA-PROV(2015)0120, paragraphs 53 to 63. 
4 Evropski parlament je kljub temu dal več priporočil v zvezi s Skladom za spodbujanje naložb v resoluciji z dne 29. aprila 2015 o razrešnici za leto 2013: splošni proračun EU – 8, 9. in 10. ERS, P8_TA‐PROV(2015)0120, odstavki 53 do 63.
5 See for details Article 3(1)(a) and (b) of Annex II to the Cotonou Agreement. 
5 Za podrobnosti glej člen 3(1)(a) in (b) Priloge II k Sporazumu iz Cotonouja.
Investment Facility portfolio and income over the years 2011–2014 (million euro) Source: EIB. 
Portfelj in prihodki Sklada za spodbujanje naložb v letih 2014–2011 (v milijonih EUR) Vir: EIB.
2011 2012 2013 2014 Signed contracts (cumulative) 3 009.1 3 364.1 3 835.6 4 488.2 Total income for the year 78.4 45.7 10.3 31.2 Box 1 
2011 2012 2013 2014 Podpisane pogodbe (kumulativno) 3 009,1 3 364,1 3 835,6 4 488,2 Skupni prihodek za leto 78,4 45,7 10,3 31,2 Okvir 1
Introduction 08 08 Regarding the terms and conditions of financing, the essential difference between financing from the Investment Facility and loans from EIB’s own resources is the level of credit risk. 
Uvod 08 08 Bistvena razlika med financiranjem iz Sklada za spodbujanje naložb in po‐ sojili iz lastnih sredstev EIB pri pogojih za financiranje je stopnja kreditne‐ ga tveganja.
While the EIB’s own resources are limited to loans secured by solid guarantees and other security arrangements, funding provided from the Investment Facility can accept a higher risk level. 
Lastna sredstva EIB se uporabljajo za posojila, zavarovana s trdnimi jamstvi in drugimi ureditvami za zavarovanje posojil, za financiranje iz Sklada za spodbujanje naložb pa je sprejemljiva tudi višja stopnja tve‐ ganja.
Loans from EIB own resources are mainly used for public sector projects. 
Posojila iz lastnih sredstev EIB se uporabljajo predvsem za projekte javnega sektorja.
09 The Investment Facility mainly provides credit lines to financial intermediaries, risk capital via equity investments and financing of infrastructure projects (see Annex II). 
09 Sklad za spodbujanje naložb zagotav‐ lja predvsem kreditne linije za finanč‐ ne posrednike, tvegani kapital v okviru kapitalskih naložb in financiranje infra‐ strukturnih projektov (glej Prilogo II).
The value added by the Investment Facility 10 The EIB highlights three particular ways in which the Investment Facility can add value6: (a) by providing beneficiaries in the ACP countries with access to long-term financing; (b) by providing financing in local currency; and (c) by increasing the credibility of beneficiaries and by mobilising other financial resources, to generate a catalytic effect. 
Dodana vrednost, ki jo zagotavlja Sklad za spodbujanje naložb 10 EIB poudarja predvsem tri načine, na katere lahko Sklad za spodbujanje naložb zagotovi dodano vrednost6: (a) z zagotavljanjem dostopa do dol‐ goročnega financiranja upravičen‐ cem v državah AKP; (b) z zagotavljanjem financiranja v lo‐ kalnih valutah ter (c) s povečanjem verodostojnosti upravičencev in mobilizacijo dru‐ gih finančnih virov, da se ustvari učinek katalizatorja.
6 2014 Annual report on EIB activity in Africa, the Caribbean and Pacific, and the overseas territories, p. 
6 Letno poročilo o dejavnosti EIB v afriških, karibskih in pacifiških državah ter čezmorskih ozemljih za leto 2014, str.
17 (http://www.eib.org/ infocentre/publications/all/ investment-facility-annual-re-port-2014.htm?lang=en). 
17 (http://www.eib. org/infocentre/publications/ all/investment‐facility‐annual‐ report‐2014.htm?lang=en).
Audit scope and approach 09 11 We assessed whether the Investment Facility added value to the EU’s development cooperation with ACP countries. 
Obseg revizije in 09 revizijski pristop 11 Ocenili smo, ali je Sklad za spodbujanje naložb zagotovil dodano vrednost za razvojno sodelovanje EU z državami AKP.
In doing so, we focused on the following two questions: (a) Are the Investment Facility’s operations coherent with other EU development cooperation measures benefitting ACP countries? (b) Does the Investment Facility provide access to long-term financing and loans in local currency, and does it generate a catalytic effect? 
Pri tem smo se osredotočili na naslednji vprašanji: (a) Ali so finančne operacije Sklada za spodbujanje naložb skladne z dru‐ gimi ukrepi razvojnega sodelova‐ nja EU, namenjenimi državam AKP? (b) Ali Sklad za spodbujanje naložb zagotavlja dostop do dolgo‐ ročnega financiranja in posojil v lokalnih valutah in ali ima učinek katalizatorja?
12 This was a short and focused audit — the first audit conducted by the Court in this particular area — carried out between January and May 2015. 
12 To je bila kratka in jedrnata revizija – prva, ki jo je Sodišče opravilo na tem posebnem področju –, ki je potekala med januarjem in majem 2015.
It covered Investment Facility operations in the ACP countries which were signed between 2011 and 2014. 
Zaje‐ mala je finančne operacije Sklada za spodbujanje naložb v državah AKP, za katere so bile pogodbe podpisane med letoma 2011 in 2014.
Operations financed from the EIB’s own resources were not included because they fall outside the Court’s remit. 
Operacije, financirane iz lastnih sredstev EIB, niso bile vključene, ker ne spadajo v pristojnosti Sodišča.
Funding provided to OCTs was not included either as the amounts involved were very small. 
Prav tako ni bilo vključeno financiranje za čezmorske države in ozemlja, ker so bili ti zneski zelo majhni.
The audit did not include an assessment of results and outcomes and does therefore not conclude on the effectiveness of the ACP Investment Facility. 
Revizija ni zajemala ocene rezultatov in izidov, zato ne daje za‐ ključkov o uspešnosti Sklada za spod‐ bujanje naložb v državah AKP.
13 Our audit work consisted of an analytical review, interviews with EIB and Commission staff and detailed examination of a sample of operations. 
13 Naše revizijsko delo je zajemalo ana‐ litični pregled, pogovore z uslužbenci EIB in Komisije ter podrobno preučitev vzorca finančnih operacij.
One audit visit was conducted — to Kenya and Uganda. 
Opravljen je bil en revizijski obisk, in sicer v Keniji in Ugandi.
The sample, which covered a range of financing instruments and sectors, consisted of 20 operations that received financing from the Investment Facility (see Annex III). 
Vzorec, ki je zajemal vrsto instrumentov financiranja in sektorjev, je vključeval 20 finančnih operacij, financiranih iz Sklada za spodbujanje naložb (glej Prilogo III).
The sample represented 35 % of the total number of Investment Facility contracts signed with beneficiaries in ACP countries between 2011 and 2014. 
Vzorec je zajel 35 % celotnega števila pogodb Sklada za spodbujanje naložb, sklenje‐ nih z upravičenci v državah AKP med letoma 2011 in 2014.
Observations 10 Overall, the Investment Facility’s operations are coherent with other EU development cooperation measures 14 We examined whether Investment Facility operations were coherent with other EU development cooperation measures benefitting ACP countries. 
Opažanja 10 Finančne operacije Sklada za spodbujanje naložb so v glavnem skladne z drugimi ukrepi razvojnega sodelovanja EU 14 Preučili smo, ali so bile finančne ope‐ racije Sklada za spodbujanje naložb skladne z drugimi ukrepi razvojnega sodelovanja EU, namenjenimi drža‐ vam AKP.
This meant examining selection procedures and funding arrangements. 
To je vključevalo preučitev izbirnih postopkov in ureditev financi‐ ranja.
Our opinion, for the 20 operations reviewed, is that they were coherent with the EU’s development policy as broadly described in the Cotonou Agreement. 
Po našem mnenju je 20 finanč‐ nih operacij, ki so bile pregledane, skladnih z razvojno politiko EU, kot je na splošno opisana v Sporazumu iz Cotonouja.
Project prospection and selection 16 The EIB coordinates project prospection and selection from its headquarters in Luxembourg. 
Identifikacija in izbira projektov 16 EIB usklajuje identifikacijo in izbiro projektov na svojem sedežu v Luxem‐ bourgu.
It makes use of its representatives in the ACP countries, in consultation with the in-country EU delegations. 
Pri tem upošteva svoje pred‐ stavnike v državah AKP in se posvetuje z delegacijami EU v posameznih drža‐ vah.
A recent policy decision to increase the EIB’s presence in the ACP countries, and to house the EIB’s local offices in EU delegation premises, should further contribute to better coordination between the EIB and the Commission. 
Nedavna politična odločitev, da poveča svojo prisotnost v državah AKP in namesti svoje lokalne pisarne v pro‐ storih delegacij EU, naj bi še dodatno prispevala k boljšemu usklajevanju med njo in Komisijo.
17 Financing proposals are prepared by the EIB and include a description of the project and its coherence with the relevant EU country or regional support strategy. 
17 EIB pripravi predloge za financiranje, ki vključujejo opis projekta in njegovo skladnost s strategijo EU za podporo neki državi ali regiji.
When a financing proposal is presented to the Investment Facility Committee7, the Commission is asked to provide an opinion on the proposal’s consistency with the EU’s development policy. 
Ob predložitvi predloga za financiranje Odboru Skla‐ da za spodbujanje naložb7 je Komisija zaprošena za mnenje o skladnosti pre‐ dloga z razvojno politiko EU.
Once the proposal has been accepted by the Investment Facility Committee, it is submitted to the EIB’s Board of Directors, which takes the final financing decision. 
Ko Odbor Sklada za spodbujanje naložb predlog sprejme, se ta predloži svetu direktor‐ jev EIB, ki sprejme končno odločitev o financiranju.
18 The Commission had expressed a favourable opinion in respect of all 20 of the operations which we reviewed. 
18 Komisija je izrazila pozitivno mnenje glede vseh 20 finančnih operacij, ki smo jih pregledali.
In cases where the Commission had comments, these had been dealt with at the relevant Investment Facility Committee meeting. 
Kadar je Komisija imela pripombe, so bile obravnavane na ustreznem sestanku Odbora Sklada za spodbujanje naložb.
7 The Investment Facility Committee was set up by Article 13 of Council Regulation (EC) No 617/2007 of 14 May 2007 on the implementation of the 10th European Development Fund under the ACP–EC Partnership Agreement (OJ L 152, 13.6.2007, p. 
7 Odbor Sklada za spodbujanje naložb je bil ustanovljen na podlagi člena 13 Uredbe Sveta (ES) št. 617/2007 z dne 14. maja 2007 o izvajanju 10.
The Committee consists of representatives of the Member States and the Commission as non-voting member. 
Odbor je sestavljen iz predstavnikov držav članic in predstavnika Komisije, ki nima glasovalne pravice.
Observations 11 Funding arrangements Credit lines 19 Credit lines to financial intermediaries are the main instrument employed by the Investment Facility to support the financing needs of small and medium-sized enterprises (SMEs) in ACP countries. 
Opažanja 11 Ureditve financiranja Kreditne linije 19 Kreditne linije za finančne posrednike so glavni instrument Sklada za spod‐ bujanje naložb. Instrument je name‐ njen zagotavljanju podpore za kritje finančnih potreb malih in srednjih podjetij (MSP) v državah AKP.
Using financial intermediaries to ‘on-lend’ the funds to SMEs potentially allows many more SMEs to be reached, in a cost-effective manner, than would be possible via direct EIB lending. 
Finančni posredniki, ki sredstva posojajo naprej malim in srednjim podjetjem, lahko na stroškovno učinkovit način dosežejo veliko več malih in srednjih podjetij, kot bi jih bilo mogoče doseči z ne‐ posrednimi posojili EIB.
Cooperation with financial intermediaries gives the Investment Facility access to information on vital economic developments in the private sector. 
Sodelovanje s finančnimi posredniki daje Skladu za spodbujanje naložb dostop do infor‐ macij o ključnih gospodarskih trendih v zasebnem sektorju.
20 The EIB works with financial intermediaries selected after careful due diligence checks on their past performance, future strategy and their focus on lending to a wide range of SMEs. 
20 EIB sodeluje s finančnimi posredniki, izbranimi po temeljitih in skrbnih pre‐ gledih smotrnosti njihovega poslova‐ nja v preteklosti, strategije za prihod‐ nost in osredotočenosti na posojanje različnim malim in srednjim podjetjem.
The benefits of the Investment Facility’s use of financial intermediaries are twofold: (a) the facility provides the financial intermediaries with secure long-term financing, thereby developing the local financial sector, and (b) the facility stimulates the financial intermediaries’ on-lending to SMEs. 
Sodelovanje Sklada za spodbujanje naložb s finančnimi posredniki prina‐ ša dvojne koristi: Sklad (a) finančnim posrednikom zagotavlja varno dol‐ goročno financiranje in s tem razvija lokalni finančni sektor ter (b) spodbuja finančne posrednike k nadaljnjemu posojanju sredstev malim in srednje velikim podjetjem.
21 As part of its eligibility checks of the correct use of credit lines, the EIB has established an ’allocation procedure‘ whereby the EIB endorses the end beneficiaries before disbursement of a credit line to the financial intermedi-ary8. 
21 EIB je v okviru pregledov upraviče‐ nosti pravilne uporabe kreditnih linij vzpostavila postopek dodeljevanja, pri katerem potrdi končne upravičence pred odobritvijo kreditne linije finanč‐ nemu posredniku8.
Under this procedure the financial intermediary is required to identify the EIB/Investment Facility in the on-lending loan agreement with each end beneficiary, and to report to the EIB on the use of the credit line. 
Pri tem postopku mora finančni posrednik v vsaki po‐ godbi o nadaljnjem posojanju, sklenje‐ ni s končnim upravičencem, omeniti EIB/Sklad za spodbujanje naložb ter EIB poročati o uporabi kreditne linije.
22 The allocation procedure is useful for checking the eligibility of end beneficiaries, and is not used by many other development finance institutions. 
22 Postopek dodeljevanja je koristen za preverjanje upravičenosti končnih upravičencev. Uporabljajo ga le redke druge institucije za razvojno financi‐ ranje.
We found that the allocation procedure worked as intended in the projects sampled in Uganda but not in Kenya concerning the obligation to identify the EIB/Investment Facility (see Box 2). 
V zvezi z obveznostjo omembe EIB/Sklada za spodbujanje naložb smo ugotovili, da je postopek dodeljevanja deloval tako, kot je bilo predvideno, pri projektih iz vzorca v Ugandi, ne pa tudi pri projektih v Keniji (glej okvir 2).
8 The ‘allocation procedure’ does not apply to microfinance for which the financial intermediaries provide the EIB a global allocation list. 
8 Postopek dodeljevanja se ne uporablja za mikrofinanciranje, za katero finančni posredniki EIB pošljejo seznam dodelitev v celoti.
Financial intermediaries’ use of Investment Facility financing None of the three banks visited in Kenya had identified the Investment Facility financing in their on-lending loan agreements with SMEs. 
Finančni posredniki, ki uporabljajo financiranje iz Sklada za spodbujanje naložb Nobena od treh bank, ki smo jih obiskali v Keniji, v svojih pogodbah o nadaljnjem posojanju, sklenjenih z MSP, ni omenila Sklada za spodbujanje naložb kot financerja.
In this respect, the financial intermediaries did not meet their contractual obligations, and the end beneficiaries were not informed that the Investment Facility was the source of the funding. Box 2 
Finančni posrednik tako niso izpolnili svojih pogodbe‐ nih obveznosti, končni upravičenci pa niso bili obveščeni, da je bil vir financiranja Sklad za spodbujanja naložb. Okvir 2
Observations 12 23 Many credit lines to financial intermediaries are supplemented by various types of technical assistance9. 
Opažanja 12 23 Veliko posojilnih linij za finančne posrednike dopolnjujejo različne vrste tehnične pomoči9.
While it was intended that end beneficiaries should also benefit from technical assistance in the form of management training and project development, we found that, for the audited credit lines, the financial intermediaries had not informed the SMEs about the possibility of receiving such technical assistance. 
Predvideno je bilo, da bi končni upravičenci prejemali tudi tehnično pomoč v obliki usposabljanj poslovodstva in razvoja projektov, vendar smo za revidirane kreditne linije ugotovili, da finančni posredniki MSP niso obvestili o tej možnosti.
Equity investments 24 The Cotonou Agreement allows for the provision of risk capital in the form of equity participation and shall normally be for non-controlling minority hold-ings10. 
Kapitalske naložbe 24 Sporazum iz Cotonouja omogoča za‐ gotavljanje tveganega kapitala v obliki kapitalske udeležbe, pri kateri gre praviloma za udeležbo v obliki neob‐ vladujočih manjšinskih deležev10.
Equity participation provides growth capital to SMEs to foster financial inclusion, job creation and entrepreneurship. 
Kapi‐ talska udeležba zagotavlja MSP kapital za rast zaradi spodbujanja finančne vključenosti, odpiranja novih delovnih mest in podjetništva.
For equity investments, the EIB has an exposure limit of 20 % of the capital endowment. 
EIB je za kapital‐ ske naložbe določila mejo izpostavlje‐ nosti v višini 20 % dotiranega kapitala.
At the end of 2014, the equity share of the Investment Facility was 13 % of the capital endowment. 
Konec leta 2014 je kapitalska udeležba Sklada za spodbujanje naložb znašala 13 % dotiranega kapitala.
25 The Investment Facility makes equity investments both directly — by acquiring shares in a company — and indirectly through a private equity fund (see example in Box 3). 
25 Sklad za spodbujanje naložb vlaga v lastniški kapital neposredno, in sicer s pridobivanje delnic družb, kot tudi posredno v okviru zasebnega delni‐ škega sklada (glej primer v okviru 3).
Compared with loans, equity investments require more active management from the EIB. 
EIB mora biti pri upravljanju kapitalskih naložb dejavnejša kot pri posojilih.
Typically, the EIB is represented on fund advisory committees, where it can ensure consistency with chosen strategies and alignment with EU development policy. 
Praviloma je zastopana v svetovalnih odborih skladov, v okviru katerih zago‐ tavlja usklajenost z izbranimi strate‐ gijami in razvojno politiko EU.
Private equity funds also pursue social impact objectives (see example in Box 8 — Microfinance fund). 
Skladi zasebnega kapitala si poleg tega priza‐ devajo za doseganje ciljev s socialnim učinkom (glej primer v okviru 8 – Sklad za mikrofinanciranje).
9 For example risk assessments, due diligence, management training, project development. 
9 Na primer ocene tveganja, skrbni pregledi poslovanja, usposabljanje poslovodstva, razvoj projektov.
10 Article 2 of Annex II to the Cotonou Agreement. 
10 Člen 2 Priloge II k Sporazumu iz Cotonouja.
Example of investment through a private equity fund The Investment Facility has agreed to invest 10 million euro in a private equity fund established to make investments in medium-sized enterprises located in East African countries. 
Primer naložbe prek sklada zasebnega kapitala Sklad za spodbujanje naložb se je strinjal, da bo vložil 10 milijonov EUR v sklad zasebnega kapitala, ki je bil ustanovljen za vlaganje v srednja podjetja v državah vzhodne Afrike.
The EIB is represented on the fund’s advisory committee. 
EIB je zastopana v svetovalnem odboru sklada.
The investment strategy is to take strategic minority stakes in medium-sized enterprises with strong growth prospects. 
V skladu z naložbeno strategijo nameravajo pridobiti strateške manjšinske deleže v srednjih podjetjih z velikim potencialom za rast.
The intention is to make investments with a holding period of 4 to 6 years in up to 14 different companies. 
Načrtujejo naložbe z obdobjem razpolaganja 4 do 6 let v do 14 različnih podje‐ tij.
The focus is on consumer goods, retail, financial services, telecom and manufacturing. 
Poudarek je na potrošniškem blagu, maloprodaji, finančnih storitvah, telekomunikacijah in proizvodnji.
The fund’s first investment was a participation in a buy-out of Tanzania’s leading producer of personal care products. 
Prva naložba sklada je bila udeležba v odkupu tanzanijskega vodilnega proizvajalca izdelkov za osebno nego.
The buy-out was carried out in a consortium with a large international bank and another private equity house. Box 3 
Odkup je bil izveden v okviru konzorcija z veliko mednarodno banko in drugo zasebno kapitalsko družbo. Okvir 3
Observations 13 Direct investment in infrastructure projects 26 In many ACP countries there is a real shortage of basic infrastructure. 
Opažanja 13 Neposredne naložbe v infrastrukturne projekte 26 V številnih državah AKP obstaja res‐ nično pomanjkanje osnovne infra‐ strukture.
The Investment Facility supports infrastructure projects in electricity supply and generation, telecommunications, water and sewerage, as well as transport, health and education. 
Sklad za spodbujanje naložb podpira infrastrukturne projekte na področju oskrbe z električno energijo in njeno proizvodnjo, telekomunika‐ cij, oskrbe z vodo in kanalizacije ter prometa, zdravja in izobraževanja.
A specific focus has been on renewable energy and climate-change projects. 
Poseben poudarek je bil na projektih v zvezi z obnovljivimi viri energije in podnebnimi spremembami.
Infrastructure projects can generate sustainable growth, create jobs and improve regional integration. 
Infrastruk‐ turni projekti lahko ustvarijo trajnost‐ no rast in delovna mesta ter izboljšajo regionalno povezovanje.
27 All audited infrastructure projects were found to be coherent with other EU development cooperation measures (see example in Box 4). 
27 Ugotovljeno je bilo, da so vsi revidirani infrastrukturni projekti skladni z drugi‐ mi ukrepi razvojnega sodelovanja EU (glej primer v okviru 4).
The Investment Facility provides access to long‐term financing, and loans in local currency and generates a catalytic effect 28 We examined whether Investment Facility operations provided the expected added value. 
Sklad za spodbujanje naložb zagotavlja dostop do dolgoročnega financiranja in posojil v lokalnih valutah ter ima učinek katalizatorja 28 Preučili smo, ali so finančne operacije Sklada za spodbujanje naložb zago‐ tovile pričakovano dodano vrednost.
Although today the market situation is different, in the first years of the Investment Facility the EIB was one of the few actors on the market offering long-term financing in local currencies to the private sector. 
Danes je stanje na trgu drugačno, toda prva leta delovanja Sklada za spod‐ bujanje naložb je bila EIB eden redkih akterjev na trgu, ki so ponujali dolgo‐ ročno financiranje v lokalnih valutah za zasebni sektor.
The facility also had a catalytic effect in that it attracted additional funding. 
Sklad je dosegal tudi učinek katalizatorja, ker je privabljal dodatno financiranje.