Translation of "Nach kaufmännischen grundsätzen" in English

The management of a risk capital measure or fund must be effected on a commercial basis.

It shall operate according to commercial rules in the area of competence of the Agency.

IT SHALL OPERATE ACCORDING TO COMMERCIAL RULES .

However, to the extent that the market failure has been properly defined, it is less likely that the risk finance measure will result in such crowding out.

However, the Authority's assessment of such measures will include whether they encourage market investors to provide risk capital to the target enterprises and are likely to result in investment decisions being taken on a commercial (that is, a profit-driven) basis, as further explained in section 10B.4.3.

Furthermore, so that aid is limited to the minimum necessary, it is crucial that aided investments into target SMEs are profit-driven and are managed on a commercial basis.

Therefore, the Authority will also take into account the following additional criteria showing the profit-driven character of investment decisions and the commercial management of the measure, where relevant.

However, it must be borne in mind that risk capital provision is essentially a commercial activity involving commercial decisions.

In particular, to ensure that aid is limited to the minimum, it is crucial that there is significant private participation and that the investments are profit-driven and are managed on a commercial basis.

This is the case even where investment decisions are being taken by the managers of the fund with a purely commercial logic.

However, where the entrusted entity provides funding to the measure or co-invests with the EFTA State in a manner similar to financial intermediaries, the Authority will have to assess whether the entrusted entity receives State aid.

In a number of Member States naval yards are state-owned or state-controlled, although this does not rule out that commercial paradigms are employed.

The Facility shall operate in all economic sectors and support investments of private and commercially run public sector entities, including revenue generating economic and technological infrastructure critical for the private sector.

It also undertook to extend the obligation to continue commercial operation of the services, without aid, by one additional year.

During the formal investigation procedure Italy also undertook to extend the obligation to continue commercial operation of the transport services, without aid, by an additional year.

In this case Italy has sufficiently demonstrated that the economic crisis has significantly affected the operation of transport services, with the result that the beneficiaries could not fulfil their commitment to continue the commercial operation of the services in question after the initial funding period of three years [11].

In addition, Italy undertook to prolong the requirement to operate the services commercially by an additional year.

The Facility shall operate in all economic sectors and support investments of private and commercially run public sector entities, including revenue generating economic and technological infrastructure critical for the private sector.

Funds, created through a joint participation of public and private resources, were to be commercially run and were allowed to invest in SMEs up to a maximum ceiling.

Commercially-run public sector companies in French Polynesia will also be eligible under the scheme.

This will keep any negative effect of the proposed aid on competition to the minimum and ensure an operation of the reactor based on commercial principles and undistorted by public subsidies.

Its purpose is to support economic development by investing in an d financing on market-related terms the private sector in the ACP countries, and al so financing commercially-run public e ntities, especially those r e sponsible for key economic infrastructure .

The IF aims to operate in all economic sectors, whenever possible, and to support investment by private enterprises and commercially run public sector entities, including revenue-generating infrastructure critical for the private sector. It endeavours to have a catalytic effect by encouraging the durable and sustainable mobilisation of longterm financial resources, both domestic and international, to fund investment that stimulates longterm productive development and economic growth.

Albania should focus on developing its water management strategy, including approximation with European standards, determining investment needs, and improving ministerial and local authority capacity to manage water and sewage issues.