natgillin/translations-raw huggingface dataset:
The objectives of technical assistance werelargely achieved and the technical assistance projects allowed the partner countries, promoters or private partnersto upgradetheir capacity building.
Cilji tehnične pomoči so bili v veliki meri doseženi in projekti tehnične pomoči so državam partnericam, nosilcem ali zasebnim partnerjem omogočiliizboljšati njihovoizgradnjo zmogljivosti.
Six technical assistance projects out of the 30 reviewed did not achieve alltheir objectives dueto promoters whoeither did notacceptthe findings10 oftherelatedstudy, did nottake a position ontheissues raised, accepted the findings but did not take the necessary follow-up action or did not addresstheinternal weaknessesinthe promoters’ organisation orthe needsforfurthertraining.
Šest od 30 pregledanih projektov tehnične pomoči ni doseglo vseh svojih ciljev, zaradi nosilcev, ki nisosprejeli ugotovitev10 z njimi povezane študije ali niso sprejeli stališča glede izpostavljenih vprašanj ali pa so ugotovitvesprejeli, niso paizvedli potrebnih nadaljnjih ukrepov oziromase niso posvetili notranjimslabostimsvoje organizacijeali potrebam po nadaljnjem usposabljanju.
EXAMPLE OF A SUCCESSFUL COMBINATION OF TECHNICAL ASSISTANCE AND RISK CAPITAL OPERATION
PRIMER USPEŠNE KOMBINACIJE TEHNIČNE POMOČI IN POSLA S TVEGANIM KAPITALOM
Specialised bank in Egypt is financial intermediary was a risk capital partner under the “Competitive upgrading of Egyptian enterprises” and “Upgrading Egyptian enterprises II” projects and financed six projects in various sectors for a total amount of over 7 million euro.
Ta finančni posrednik je bil partner pri poslih s tveganim kapitalom v okviru projektov „Konkurenčna nadgradnja egiptovskih podjetij“ (Competitive Upgrading of Egyptian Enterprises) in „Nadgradnja egiptovskih podjetij II“ (Upgrading Egyptian Enterprises II) ter je financiral šest projektov v različnih sektorjih za skupni znesek več kot 7 milijonov EUR.
It also benefited from technical assistance.
Deležen je bil tudi tehnične pomoči.
is combination of a risk capital operation with technical assistance was successful as it helped the Egyptian financial intermediary develop organisational adjustment, enhance its procedures and policies, develop a risk management function, upgrade its treasury and asset liability management.
Ta kombinacija posla s tveganim kapitalom s tehnično pomočjo je bila uspešna, saj je egiptovskemu finančnemu posredniku pomagala razviti organizacijsko prilagoditev, okrepiti njegove postopke in politike, razviti funkcijo obvladovanja tveganja in pa izboljšati upravljanje denarnih sredstev ter sredstev in obveznosti.
Furthermore, it helped the intermediary to develop its information system and adopt a more structured approach regarding risk capital operations, notably at the investment screening and monitoring levels.
Poleg tega je posredniku pomagala razviti lastni informacijski sistem in uvesti bolj strukturiran pristop k poslom s tveganim kapitalom, zlasti na ravneh izbiranja in spremljanja naložb.
The objective of interest rate subsidies was to support loans granted by the EIB from its own resources for environmental projects.
Cilj subvencioniranja obrestne mere je bil podpreti posojila, ki jih je EIB iz svojih lastnih sredstev odobrila za okoljske projekte.
The projects financed should be sustainable in the long run, delivered within a defined timeframe and provide the expected environmental benefits.
Financirani projekti bi morali biti dolgoročno trajnostni, izvedeni v opredeljenem rokuin bi morali zagotoviti pričakovane koristi za okolje.
The criterion of sustainability was not satisfied in all projects.
Merilu trajnosti niso zadostili vsi projekti.
For eight out of 30 projects, mainly in the water sector, there was no evidence that they would be sustainable with the set tariffs.
Pri osmih od 30 projektov, zlasti v vodnem sektorju, ni bilo dokazov, da bi bili s fiksnimi tarifami trajnostni.
Although the EIB identifiedthesesituations atthe appraisalstage andthe borrowers agreed in their loan contracts to remedy the situation, the obligation was not fully enforced or onlyled to a tariff study (instead of raising tariffstothe appropriatelevelto ensure sustainability).
Čepravje EIBtastanja ugotovila vfazi ocenjevanjainso posojilojemalci s posojilnimi pogodbami privolili, da bodo popravili stanje, se obveznost ni izvajala v celoti ali pa je privedla le do študije o tarifah (namesto zvišanja tarifna ustrezno raven, ki bizagotovila trajnost).
An external evaluation commissioned by the EIB also concluded that project sustainability was asignificantissue.
Tudi zunanje vrednotenje, ki gaje naročila EIB,je privedlo do zaključka, dajetrajnost projektov pomembno vprašanje.
Projects benefiting from loans with interest rate subsidies were often subjectto delays.Significant delays, uptosevenyears, werefound in11outof30projectsanalysed.
Pri projektih, ki so bili financirani s posojili s subvencioniranjem obrestne mere, so pogosto nastajale zamude. Pomembne zamude, ki so trajale do sedem let, so bile ugotovljene pri 11 od 30 analiziranih projektov.
A significant delay in the execution of a project either calls into question the project’s relevance for the EIB, the Commission and the partner country or has negative consequencesforthe environment(asillustratedin Textbox 5).
Pomembna zamuda pri izvedbi projekta povzroči dvom o relevantnosti projekta za EIB, Komisijo in državo partnerico ali pa ima negativne posledice za okolje(kotje prikazano v okviru 5).
EXAMPLE OF A LOAN WITHINTEREST RATE SUBSIDIES NOT ACHIEVING THE REQUIRED OBJECTIVES WITHIN THE DEFINED TIMEFRAME
PRIMER POSOJILA S SUBVENCIONIRANJEM OBRESTNE MERE, KI V OPREDELJENEM ROKU NI DOSEGLO ZAHTEVANIH CILJEV
Preventing further pollution of the Gulf of Gabès — Tunisia e initial project approved in 1999 aimed at creating a storage place together with a pumping station and pipelines to transfer phosphogypsum, instead of pouring it into the sea. e total estimated cost was 107 million euro.
Namen prvotnega projekta, ki je bil odobren leta 1999, je bil zgraditi skladiščni prostor s črpalno postajo in cevovodi za odvajanje fosforne sadre, namesto da se ta odlaga v morje. Skupni strošek je bil ocenjen na 107 milijonov EUR.
A er several amendments, the new project structure presented in 2007 involved transferring the plant to a new site and setting up a pipeline network. e updated estimated cost of the project was 235 million euro for the storage and the pipeline network, plus 165 million for the transfer of the plant.
Po več spremembah je nova struktura projekta, ki je bila predstavljena leta 2007, zajemala prestavitev postaje na drugo lokacijo in vzpostavitev mreže cevovodov. Posodobljena ocena skupnega stroška je znašala 235 milijonov EUR za skladiščenje in mrežo cevovodov ter 165 milijonov za prestavitev postaje.
e project was subject to numerous delays.
Pri projektu so nastale številne zamude.
Consequently, dates for the start of operations and the end of work were put back several times.
Posledično so bili datumi začetka delovanja in dokončanja del večkrat prestavljeni.
If the project meets its current target, the delays will then have generated an additional quantity of pollution in the Gulf of Gabès of between 35 and 64 million tons of phosphogypsum.
Če bo projekt dosegel svoj sedanji cilj, bo do takrat zaradi zamud Gabeški zaliv dodatno onesnažen z od 35 do 64 milijoni ton fosforne sadre.
RISK CAPITAL OPERATIONS
POSLOVANJE S TVEGANIM KAPITALOM
The risk capital operations provided and managed by the EIB took, in particular,theform of: committed amount and net value is mainly due to amounts yet to be disbursed, as per contractual provisions.
Posli s tveganim kapitalom, ki jih je zagotavljala in upravljala EIB, so se izvajali zlasti v obliki:
— direct investments: acquisition of equity or quasi-equity instruments (subordinated loans) in private companies;
neposrednih naložb: pridobivanje instrumentov lastniškega kapitala in navideznega lastniškega kapitala (podrejena posojila) v zasebnih podjetjih;
— private equity funds: participation in investment funds taking participationsin private companies or otherinvestmentfunds;
– skladov zasebnega kapitala: udeležba v naložbenih skladih z udeležbo v zasebnih podjetjih ali drugih naložbenihskladih;
—co-investments with pre-selected local intermediaries;
– sonaložb z vnaprejizbranimilokalnimi posredniki;
—loans on special conditions, notably to microfinance institutions; and
– posojil s posebnimi pogoji, zlasti mikrofinančniminstitucijam; ter
The MEDA portfolio of risk capital operations represented a total committed amount of 309,1 million euro and a net value of 159 million euro at the end of 2007 11.
Portfelj poslov MEDA s tveganim kapitalom je ob koncu leta 2007 vseboval skupni znesek prevzetih obveznosti v višini 309,1 milijona EUR in neto vrednost 159 milijonov EUR11.
The geographical spread of the portfolio is presentedinthe graph.
Geografska porazdelitev portfelja je predstavljena v diagramuspodaj:
GEOGRAPHICAL SPREAD OF MEDA RISK CAPITAL OPERATIONS
GEOGRAFSKA PORAZDELITEV POSLOV MEDA S TVEGANIM KAPITALOM
Turkey4,7 %
Turčija4,7 %
Source: European Investment Bank.
Vir: Evropska investicijska banka.
The Court first assessed the global planning of the Risk Capital facility basedontheobjectivessetby Article6(4)ofthe MEDAregulation: “Risk capital shall be used, first and foremost, to make available own funds to undertakings in the production sector, in particular those that can bring together natural or legal persons who are nationals of a Community Member State and of Mediterranean non-member countries or territories.
Sodišče je najprej ocenilo globalno načrtovanje pomoči v tveganem kapi-taluna podlagi ciljev iz člena 6(4) uredbe MEDA:„Rizičnikapitalse uporablja predvsem za zagotavljanjelastnih sredstev[...] podjetjem [...] iz proizvodnega sektorja, zlasti tistim, ki lahko združujejo fizične in pravne osebeiz držav članic Skupnosti alisredozemskih držav ali ozemelj nečlanic.
Risk capital shall be used primarily to strengthen the private sector, andin particular to reinforce the financial sector in MEDA countries. It shall add value clearly, by offering financial products and terms that are not available locally”.
Rizični kapital se uporablja predvsem za krepitev zasebnega sektorja, zlasti za krepitevfinančnega sektorja v državah MEDA.Tako očitno prinaša dodatnokorist,kerse ponujajofinančni produkti in pogoji, ki lokalno niso na voljo“.
At the project level, the following additional criteria were used to measurethe achievement of the project objectives: reaching the target group, relevance, timeliness, sustainability, as well as financial and nonfinancial performance.
Na ravni projekta so bila za merjenje doseganja ciljev projektov uporabljena naslednja dodatna merila: doseganje ciljne skupine, relevantnost, pravočasnost, trajnost terfinančnain nefinančna uspešnost.
There was no defined strategy as to the type of projects and sectors to be supported, at eitherthelevel ofthe Commission orthe EIB or atthe level of the financial intermediaries.
Niti na ravni Komisije niti na ravni EIB ali na ravni finančnih posrednikov ni bila opredeljena strategija o tem, kakšna vrsta projektov in sektorjev naj se podpre.
Forseveral projects,there was no evidencethat EU participation was playing a significantrole and thatthey would not have beenrealised withoutit(see Textbox 6).
Pri več projektih ni bilo nobenega dokaza, dajeimela udeležba EU pomembno vlogoin da projekti brezte udeležbe ne bi bilirealizirani(glej okvir 6).
EXAMPLE OF EU PARTICIPATION NOT ADDING VALUE AND NOT ACHIEVINGITS OBJECTIVES
PRIMER UDELEŽBE EU, KI NI DODALA VREDNOSTI IN KATERE CILJI NISO BILI DOSEŽENI
Technology investment fund — Regional e fund was established in 2000 in order to invest in information technology, so ware, media, telecommunications and related industries established, or having significant operations, in the Middle East.
Sklad je bil ustanovljen leta 2000 za naložbe v informacijsko tehnologijo, programsko opremo, sredstva javnega obveščanja, telekomunikacije in sorodne industrije, ki imajo sedež na Bližnjem vzhodu ali imajo tam pomembne posle.
e EU participation in the fund took place in 2001 when almost all the fund’s investments were committed.
Do udeležbe EU v skladu je prišlo leta 2001, ko so bile prevzete obveznosti za skoraj vse naložbe sklada.
Furthermore, the fund deviated both from its investment target and from its investments restrictions. ere was also insufficient monitoring and controls by the fund over its investments.
Poleg tega se je sklad oddaljil tako od svojega naložbenega cilja kot od svojih omejitev za naložbe. Sklad tudi ni dovolj spremljal in kontroliral svojih naložb.
As at mid-2007, out of a total of 25,6 million USD invested in the fund, 7,2 million USD were repaid to the investors in the context of its liquidation, whereas the residual value is only 3,1 million USD.
Do sredine leta 2007 je bilo od skupno 25,6 milijona USD, ki so bili vloženi v sklad, v kontekstu njegove likvidacije vlagateljem vrnjenih 7,2 milijona USD, medtem ko preostala vrednost znaša le 3,1 milijona USD.
Out of the EU participation of 5,4 million USD, 1,52 million USD were repaid and the residual value was 0,66 million USD.
Od udeležbe EU v višini 5,4 milijona USD je bilo vrnjenih 1,52 milijona USD, preostala vrednost pa je znašala 0,66 milijona USD.
The Commission did not set up controls in order to detect whether the same beneficiary was benefiting from different risk capital operations, either managed directly or through financial intermediaries.
Komisija tudi ni vzpostavila kontrol za ugotavljanje, ali ima isti upravičenec koristi od različnih poslov s tveganim kapitalom, ki se upravljajo bodisi neposredno bodisi prek finančnih posrednikov.
This was duetotheabsence ofacentral databaseat Commissionlevel ofall beneficiaries benefitingfromrisk capital operations.
Tako je bilo, ker na ravni Komisije ni bilo centralne podatkovne zbirke vseh upravičencev, kisoimeli koristi od poslovstveganim kapitalom.
At the start of the risk capital operations, the EIB focused its activities on providing global risk capital operations contracted with multiple financial intermediaries, sometimes with an additional intermediate level, either public or private.
Na začetku poslovanja s tveganim kapitalom je EIB svoje dejavnosti osredotočila na zagotavljanje globalnih poslov s tveganim kapitalom, za katere so bile sklenjene pogodbe z več finančnimi posredniki, včasih z dodatno vmesno ravnijo, ki je bila javna ali zasebna.
While global risk capital operations often reach a large number of beneficiaries, they are difficult to administer and require intensive monitoring.Inthe past, the EIB did not ensure efficient use of global risk capital operations (see also Textbox 2).
Medtem ko globalni posli s tveganim kapitalom pogosto dosežejo veliko število upravičencev,jihjetežko upravljati in zahtevajo intenzivno spremljanje.EIBv preteklosti nizagotovila učinkovite uporabe globalnih poslov s tveganim kapitalom (glej tudi okvir 2).
Several financial intermediaries and agents did not meet their monitoring, reporting and financial requirements or were acting as promoters instead of as independent intermediaries (see Textbox 7).
Več finančnih posrednikovin agentov niizpolnilo zahtev v zvezi s spremljanjemin poročanjem ter finančnih zahtev ali pa so sami delovali kot nosilci in ne kot neodvisni posredniki(glej okvir 7).
EXAMPLE OF RISK CAPITAL OPERATION NOT ACHIEVING THE REQUIRED OBJECTIVESIN TIME
PRIMER POSLA S TVEGANIM KAPITALOM, KI NI PRAVOČASNO DOSEGEL ZAHTEVANIH CILJEV
Investment company based in Egypt is financial intermediary was a risk capital partner under the “Competitive upgrading of Egyptian enterprises” project and financed three projects, all in the tourism sector, for a total amount of over 6,8 million euro.
Ta finančni posrednik je bil partner pri poslih s tveganim kapitalom pri projektu „Konkurenčne nadgradnje egiptovskih podjetij“ (Competitive Upgrading of Egyptian Enterprises) ter je financiral tri projekte, vse v sektorju turizma, za skupni znesek več kot 6,8 milijona EUR.
is risk capital partner was the direct promoter of the three projects and not an independent financial intermediary. e aims of the projects were to establish a new superior tourism destination in Egypt and build five-star hotels.
Ta partner pri poslih s tveganim kapitalom je bil neposredni nosilec treh projektov in ne neodvisni finančni posrednik. Cilja projektov sta bila vzpostaviti novo turistično destinacijo višjega razreda v Egiptu in zgraditi hotele s petimi zvezdicami.
e investment evaluation conducted by the intermediary was based on ambitious targets that were not achieved. e projects also suffered from under-capitalisation and delays of four to five years in the construction of the hotels that were not reported in due time to the EIB.
Vrednotenje naložbe, ki ga je izvedel posrednik, je temeljilo na ambicioznih ciljih, ki niso bili doseženi. Projekti so tudi utrpeli škodo zaradi podkapitalizacije in štiri- do petletnih zamud pri gradnji hotelov, o katerih EIB ni bila pravočasno obveščena.
12 Impairments should be based
12 Oslabitve bi morale temeljiti
on definitive and provisional write-offs. However, only definitive write-offs are currently communicated by the EIB to the Commission.
Kot je navedeno v odstavku 37, so bili, čeprav so bili prvotni posli s tveganim kapitalom osredotočeni na združevanje upravičencev iz EU in sredozemskih držav, pri novejših projektih večinoma udeleženile sredozemski partnerji.
The financial performance of the risk capital operations showed mixed resultsand often depended onthe quality ofthefinancial partners selected by the EIB.
Finančna uspešnost poslov s tveganim kapitalom je bila mešana in je bila pogosto odvisna od kakovosti finančnih partnerjev, ki jih je izbrala EIB.
The risk capital operations are shown in the accountsat historiccostlessany provisions for impairments12 .
Posli s tveganim kapitalom so v računovodskihizkazih prikazani s prvotnim stroškom brez rezervacij za oslabitev12.
Furthermore, it was difficult for the Court to assess, whethertherisk capital operations had achieved their objectives as, most of the time, noindicators otherthanfinancial ones, were available.
Poleg tega je imelo Sodišče težave z ocenjevanjem tega, ali so posli s tveganim kapitalom dosegli svoje cilje, saj večinoma ni bilo na voljo nobenih kazalnikov razenfinančnih.
Even if the achievement of the objectives set for risk capital operations was difficult to assess, the Court recognises the positive effect of EIB actions on regional integration and on the enhancement of corporate governance and business conductsinthe partner countries.
Četudi je bilo težko oceniti doseganje ciljev, določenih za posle s tve-ganimkapitalom,Sodišče priznava pozitiven učinek ukrepov EIB na regionalnointegracijo terizboljšanje upravljanja podjetijin poslovnega obnašanja v državah partnericah.
EXAMPLE OF A SUCCESSFUL TRANSREGIONAL FUND MANAGEMENT
PRIMER USPEŠNEGA MEDREGIONALNEGA UPRAVLJANJA SKLADOV
Specialised fund managers with operations in Algeria, Morocco and Tunisia is fund management company, which manages several investment funds across the Maghreb region, has developed a successful business model based on clear investment rules and procedures. ese rules and procedures not only covered investment screening, monitoring and valuation, taking into consideration European and international standards, but also led to coherent exit strategies and detailed reporting to shareholders.
Ta družba za upravljanje skladov, ki upravlja več naložbenih skladov v regiji Magreb, je razvila uspešen poslovni model, ki temelji na jasnih pravilih in postopkih za naložbe. Ta pravila in postopki niso zajemali le izbiranja, spremljanja in vrednotenja naložb, pri katerih so se upoštevali evropski in mednarodni standardi, temveč so privedli tudi do skladnih strategij izstopa in podrobnega poročanja delničarjem.
All this resulted in a positive financial performance.
Zaradi tega je bila finančna uspešnost pozitivna.
is successful business model, combined with the dynamism of the local fund managers has further allowed an extension from Tunisia to Morocco and Algeria.
Ta uspešni poslovni model in dinamičnost lokalnih upravljavcev skladov sta omogočila širitev iz Tunizije v Maroko in Alžirijo.
There was no monitoring of the projects under delegated management at Commissionlevel.
V okviru prenesenega upravljanja na ravni Komisije ni bilo nobenega spremljanja projektov.
Monitoring by the EIB had beeninadequate inthe pastand had beenrecently upgradedinordertoreacha satisfactorylevel.
Spremljanje, ki gajeizvajala EIB,je bilo v preteklosti neustreznoinje bilo pred kratkimizboljšano, da bi doseglo zadovoljivoraven.
Regardingthe Commission’s managementofthebanking measures financedunderthe MEDAprogramme,theabsenceofa monitoring and evaluation strategy wasnoted.The Commissioneffectively monitored the programmes that it administered directly.
Glede Komisijinega upravljanja bančnih ukrepov, ki se financirajo v okviru programa MEDA, je bilo ugotovljeno, da ni strategije spremljanja in vrednotenja. Komisija je uspešno spremljala programe, ki jih je upravljala neposredno.
However, it did not sufficiently ensure the effective coordination of Community assistance with the EIB’s supporting measures.
Vendar ni v zadostni meri zagotovila uspešne uskladitve pomoči Skupnosti s podpornimi ukrepi EIB.
Furthermore, the transfer of the responsibility for environmental compliance did not leadtoadequateenvironmental monitoring(seeparagraphs13to 16 and 21to 26).
Poleg tega prenos odgovornosti za okoljsko skladnost ni privedel do ustreznega okoljskegaspremljanja(glej odstavke 13 do 16in 21 do 26).
RECOMMENDATIONS ONTHE MONITORING BYTHECOMMISSION
PRIPOROČILAZASPREMLJANJE, KI GAIZVAJA KOMISIJA
Withthe end ofthe MEDA programme andthestart ofthe new European neighbourhood and partnership instrument that waslaunched in 2007,the Commissionshould:
Ob koncu programa MEDA in začetku novega evropskega instrumenta sosedstva in partnerstva, ki je bil uveden leta 2007, bi Komisija morala:
(a) set up a tailor-made evaluation and monitoringprogrammefor banking measures, taking into consideration the input received from the partners responsible for the implementation of the banking measuresinthe Mediterranean partner countries;
(a)vzpostaviti posebej zasnovan program vrednotenja in spremljanja za bančne ukrepe, pri tem pa upoštevati prispevek partnerjev, ki so odgovorni za izvajanje bančnih ukrepov v sredozemskih državah partnericah;
(b)ensure the effective coordination of assistance by the Community, the EIB and other international/local partners on the basis of a reciprocal and regular exchange of information (including at the locallevel),in order to increase the consistency and complementarity oftheir activities;
(b)zagotoviti uspešno uskladitev pomoči Skupnosti, EIB in drugih mednarodnih/lokalnih partnerjev na podlagi vzajemne in redne izmenjave informacij (tudi nalokalni ravni), da se povečata doslednost in dopolnjevanje njihovih dejavnosti;
(c)negotiate adequate management conventions ensuring appropriate monitoring, covering the environmental aspects and safeguarding thefinancialinterests ofthe Community.
(c) s pogajanji doseči ustrezne konvencije o upravljanju, ki zagotavljajo primerno spremljanje ter zajemajo okoljske vidike in varujejo finančneinterese Skupnosti.
The EIB’s management of banking measures suffered from insufficient monitoring during the first years of the programme.
Upravljanje bančnih ukrepov, ki ga je izvajala EIB, je v prvih letih programa trpelo zaradi nezadostnega spremljanja.
This not only affectedthe achievements ofthe projects but alsothe Community’s financialinterests, notably duetothelaterecovery or non-recovery offundsandthe waiving or absence of some contract clauses.
To ni vplivalo le na dosežke projektov, temveč tudi na finančne interese Skupnosti, zlasti zaradi izterjave sredstev z zamudo ali njihove neizterjave ter zato, ker so bile nekatere pogodbene določbe opuščene oziroma jih ni bilo.
The EIBgraduallyimprovedits monitoring from 2005 onwards in order toreach asatisfactorylevel(see paragraphs 17to 20).
EIBje odleta2005 postopoma izboljševala svoje spremljanje, da bi dosegla zadovoljivoraven(glej odstavke 17 do 20).