Investment Finance and Financial Sector Development

8/9/2019 Investment Finance and Financial Sector Development

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FBOL Xmrclkh Tfpar Yarlas

Lkvasteakt Glkfkia fkb Glkfkilfj

Yaitmr Bavajmpeakt

Y`uo`memy _fy

Km. 1??Efri` ?461

Fslfk Bavajmpeakt Ofkc Lkstltuta


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Rà Xmrclkh Tfpar sarlas ls f imktlkuftlmk mg tà gmrearjy kfeab Blsiusslmk Tfpar sarlas3tà kueoarlkh mg tà pfpars imktlkuab wlt`mut lktarruptlmk mr i`fkha. FBOL“s wmrclkhpfpars ragjait lkltlfj lbafs mk f tmpli fkb fra pmstab mkjlka gmr blsiusslmk. FBOL akimurfhasrafbars tm pmst tàlr imeeakts mk tà eflk pfha gmr afi` wmrclkh pfpar (hlvak lk tàiltftlmk oajmw). Ymea wmrclkh pfpars efy bavajmp lktm mtàr gmres mg puojliftlmk.

Yuhhastab iltftlmk>

_fy, Y. ?461. Lkvasteakt Glkfkia fkb Glkfkilfj Yaitmr Bavajmpeakt. FBOL Xmrclkh Tfpar1??. Rmcym> Fslfk Bavajmpeakt Ofkc Lkstltuta. Fvfljfoja> `ttp>//www.fbol.mrh/wmrclkh-pfpar/?461/42/69/71 sùo`memy.rfyDglkkfijaifpltfj.ime

Yùo`memy _fy ls Efkfhlkh Blraitmr fkb IAM, Glkkfija Ifpltfj Fbvlsmrs.

Rà vlaws axprassab lk t`ls pfpar fra tà vlaws mg tà fut`mr fkb bm kmt kaiassfrljyragjait tà vlaws mr pmjlilas mg FBOL, FBO, lts Omfrb mg Blraitmrs, mr tà hmvarkeakts

tày raprasakt. FBOL bmas kmt hufrfktaa tà fiiurfiy mg tà bftf lkijubab lk t`ls pfparfkb fiiapts km raspmksloljlty gmr fky imksaquakias mg tàlr usa. Rarelkmjmhy usab efykmt kaiassfrljy oa imkslstakt wlt` FBO mgglilfj tares.

Xmrclkh pfpars fra suonait tm gmrefj ravlslmk fkb imrraitlmk oagmra tày fra glkfjlzabfkb imkslbarab puojlsàb.

Fslfk Bavajmpeakt Ofkc LkstltutaCfsuelhfsacl Ouljblkh 0G

9-?-1 Cfsuelhfsacl, I`lymbf-cuRmcym 644-7440, Nfpfk

Raj> +06-9-91 +06-9-91 www.fbol.mrhA-eflj> lkgmDfbol.mrh

© ?461 Fslfk Bavajmpeakt Ofkc Lkstltuta


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FBOL Xmrclkh Tfpar 1?? _fy

Fostrfit

Lkvasteakt lk lkgrfstruitura gmr lkirafslkh trfba fkb imkkaitlvlty lk Ymut` Fslf fkbYmutàfst Fslf `fs oaak lepfitab oy f rabuitlmk lk imeearilfj ofkc pfrtlilpftlmk lk prmnaitglkfkilkh, w`li` `fs slhklglifktjy lkirafsab tà rmja mg eujtljftarfj glkfkilfj lkstltutlmks fkb

axpmrt irablt fhakilas. Rà glkfkilkh embaj kaabs tm i`fkha tm emra sustflkfoja jmifjefrcat fkb jmifj iurrakiy glkfkilkh oy `frkasslkh bmeastli sfvlkhs, fkb t`ls wljj oa iruilfjlg tà rahlmk ls tm prmiura lkvasteakts mg fk astleftab $9.7 trljjlmk oy ?4?4 gmr glkfkilkh mg ltslkgrfstruitura fkb imkkaitlvlty prmnaits. Lkirafsab imkkaitlvlty oatwaak Ymut` fkbYmutàfst Fslf ifk pjfy fk lepmrtfkt rmja lk leprmvlkh agglilakiy fkb prmbuitlvlty oy `fvlkhemra agglilakt lkbustrlas ofsab mk imepfrftlva fbvfktfha, akjfrhlkh tà mvarfjj efrcat slza,fkb lkirafslkh efrcat fiiass. @mwavar, sui` aimkmeli lktahrftlmk gfias f eujtltuba mgi`fjjakhas rajftlkh tm irmss-omrbar lkgrfstruitura jlkcs, wafc trfba gfiljltftlmk, s`mrtfhas mglkgrfstruitura glkfkilkh, kmk-tfrlgg ofrrlars, rastrlitlmks mk gmralhk blrait lkvasteakt, fkbwafc lkstltutlmkfj immrblkftlmk. Leprmvaeakt lk tàsa lssuas wmujb raqulra jfrha-sifja puojlifkb prlvfta saitmr lkvasteakt, suppjaeaktab oy imeearilfjjy vlfoja irablt.

R`ls stuby fkfjyzas tà eafks fkb imkstrflkts lk gukblkh irmss-omrbar imkkaitlvlty prmnaits.Qslkh tà emst raiakt bftf grme smurias lkijublkh tà Xmrjb Ofkc, FBO, fkb mtàr glkfkilkhfkb rasafri` lkstltutlmks, ofrrlars lk glkfkilkh irmss-omrbar prmnaits fra axpjmrab fkbfkfjyzab wlt` tà àjp mg ifsa stublas. R`ls rasafri` orlkhs tm tà gmra tà pmtaktlfj oakagltsmg rahlmkfj gukblkh pjftgmres fkb tà rmja mg eujtljftarfjs lk rasmjvlkh sui` ofrrlars.

NAJ Ijfsslgliftlmk> H61, H?6, H?9, @22, @12, @08

R`ls pfpar wfs prmbuiab fs pfrt mg tà FBO’FBOL gjfhs`lp prmnait mk ‚Imkkaitlkh Ymut` Fslf fkb Ymutàfst Fslf.―


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Imktakts

6. Mvarvlaw ................................................................................................................... 9

?.

_ftlmkfj gmr Leprmvab Glkfkia oatwaak Ymut` Fslf fkb Ymut`afst Fslf ................... 2

9.

Glkfkilfj Yaitmr fkb Efrcat Fssasseakt .................................................................. 1

9.6 Fslfk Irablt Efrcat ....................................................................................... 1 9.?

Trmnait Glkfkilkh ........................................................................................... 7

9.9

Trlvfta Tfrtlilpftlmk lk Lkgrfstruitura.............................................................. 8

2. Lkvasteakt Glkfkia Gukblkh Eat`mbs‒Fssasseakt mg Mptlmks ............................. 66

2.6

Ofichrmukb .................................................................................................. 66

2.?

Tuojli Yaitmr Glkfkilkh Mptlmks .................................................................. 6?

2.9

Trlvfta Yaitmr Glkfkilkh Mptlmks ................................................................. 62 2.2

Omkb Efrcat ................................................................................................ 67

2.1 Tuojli’Trlvfta Tfrtkars`lps ......................................................................... 60 2.7

Irmss-omrbar Tuojli’Trlvfta Tfrtkars`lp ..................................................... 6<

2.8

Lktarkftlmkfj Lkgrfstruitura Gukbs ................................................................ ?6

2.0

Lkvasteakt Ifsa Ytublas> Hjmofj Irmss-omrbar fkb Tjfk Tuaojm TfkfefTrmnaits ........................................................................................................ ?9

2. Tmjliy Trmpmsfjs tm Afsa Imkstrflkts ............. 99

7.6

Jmfk Hufrfktaa Eai`fklses ...................................................................... 91

7.? Lkgrfstruitura Gukbs ..................................................................................... 98 7.9

Eujtljftarfj Bavajmpeakt Ofkcs ................................................................... 98

7.2

Trmemta Glkfkilfj Yaitmr Bavajmpeakt ....................................................... 90

8.

Glkfkilkh Ymjutlmk gmr _ahlmkfj Trmnaits ................................................................. 26

8.6 Yaitmr-Xlsa Imkkaitlvlty Lkgrfstruitura Glkfkilkh> Tmssloja Ytruituras ....... 26

0.

Imkijuslmk ............................................................................................................... 29

_agarakias ......................................................................................................................... 21


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6. MWA_WLAX

Lk tà oficbrmp mg tà glkfkilfj irlsls t`ft fggaitab Aurmpa fkb tà Qkltab Ytftas (QY)mvar tà jftar pfrt mg tà jfst baifba, Fslfk aimkmelas `fva oaak trylkh tm sàb tàlrmvarrajlfkia mk tà glkfkilfj rasmurias mg tà Xast fkb glkb glkfkilkh smjutlmks lk jmifjfkb rahlmkfj glkfkilfj efrcats. Ft tà sfea tlea, tà hjmofj hrmwt` akhlka wfs jfrhajybrlvak oy Fslf burlkh t`ls parlmb, guajab oy axpfkblkh rahlmkfj prmbuitlmk katwmrcs,lktahrftlmk wlt` tà hjmofj aimkmey, gmralhk blrait lkvasteakt (GBL), gfjjlkh trfba fkblkvasteakt ofrrlars, f imeemblty omme, fkb àlh`takab baefkb grme f rlslkh Fslfkelbbja ijfss.

@mwavar, lktahrftlmk mg trfba fkb lkvasteakt oatwaak Ymut` fkb Ymutàfst Fslf, w`ljaefclkh prmhrass, `fs oaak rajftlvajy jleltab, `lkbarab oy vfrlmus omttjakaics fkb hfpslk trfba lkgrfstruitura, trfba ofrrlars, fkb jleltab rahlmkfj immparftlmk. Lkirafsabimkkaitlvlty oatwaak Ymut` fkb Ymutàfst Fslf ifk pjfy fk lepmrtfkt rmja lk leprmvlkhagglilakiy fkb prmbuitlvlty oy `fvlkh emra agglilakt lkbustrlas ofsab mk imepfrftlva

fbvfktfha, akjfrhlkh tà mvarfjj efrcat slza, fkb lkirafslkh efrcat fiiass.

Tmjliy lktarast `fs oaak lkirafslkh lk gfvmr mg irmss-rahlmkfj lktahrftlmk fkbleprmvaeakt mg aimkmeli rajftlmks`lps oatwaak Ymut` fkb Ymutàfst Fslf. Ràlepjaeaktftlmk mg tà FYAFK’Lkblf graa trfba fhraaeakt (GRF) `fs gfiljltftab lktrf-rahlmkfj trfba fkb lkvasteakt jloarfjlzftlmk. @mwavar, sui` aimkmeli lktahrftlmk gfiasf eujtltuba mg i`fjjakhas rajftlkh tm irmss-omrbar lkgrfstruitura jlkcs, wafc trfbagfiljltftlmk, s`mrtfha mg lkgrfstruitura glkfkilkh, kmk-tfrlgg ofrrlars (KROs), savarfjrastrlitlmks mk GBL, fkb wafc lkstltutlmkfj immrblkftlmk.

Xlt` tà fomva mosarvftlmks, fkb rafjlzlkh tà kaab gmr pmjliy fkb glkfkilfj lktarvaktlmklk tà rahlmk gmr fttflklkh tà gujj pmtaktlfj mg rahlmkfj immparftlmk fkb lktahrftlmk, ftafe imeprlslkh imksujtfkts fkb stfgg mg tà Fslfk Bavajmpeakt Ofkc (FBO) fkb tà

Fslfk Bavajmpeakt Ofkc Lkstltuta (FBOL) `fs ukbartfcak f stuby tm lbaktlgy tà caylssuas lk rajftlmk tm leprmvlkh imkkaitlvlty oatwaak Ymut` fkb Ymutàfst Fslf. R`lsstuby saacs tm lbaktlgy tà glkfkilkh kaabs fkb lssuas hmvarklkh irmss-omrbarlkgrfstruitura prmnaits imkkaitlkh tà twm suorahlmks. Lt efcas fk fttaept ft lbaktlgylkhtà aearhlkh trakbs lk prmnait glkfkia lk tà rahlmk, fssasslkh tà ifpfilty fkb tàjavaj mg bavajmpeakt mg tà rahlmkfj glkfkilfj efrcats, fkb ravlawlkh tà glkfkilkhsmurias t`ft imujb pjfy f slhklglifkt rmja lk gukblkh tà prmpmsab prmnaits.

Lk tà imursa mg sui` fk axarilsa, fk fttaept `fs oaak efba tm fkfjyza tà bapt` fkbifpfoljltlas mg tà jmifj rahlmk“s irablt fkb aqulty ifpltfj efrcats gmr glkfkilkhlkgrfstruitura prmnaits fkb tà suppjaeaktfry smuria mg ifpltfj t`ft imujb fuheakt omt`tà qufktue fkb takmr mg tà jmifj glkfkilfj rasmurias. Rà pfpar fjsm efca fk

fttaept tm bajva lktm tà glkfkilfj efrcat fkb pmjliy rajftab lssuas t`ft kaab tm oafbbrassab tm graa up tà gjmw mg jmifj fkb gmralhk ifpltfj lktm imkkaitlvlty lkgrfstruituraprmnaits, fkb prmpmsas ifpfilty ouljblkh smjutlmks gmr lkirafslkh sustflkfoljlty mg jmifjjavaj aqulty fkb irablt efrcat glkfkilkh. Lk baemkstrftlkh tà pmtaktlfj lepfit mg sui`lkltlftlvas, ifsa stublas `fva oaak akukilftab tm `lh`jlh`t tà irltlifjlty mg rahlmkfjimmparftlmk, prmnait bmiueaktftlmk fkb trfksfitlmk struiturlkh lk efclkh f prmnaitimeearilfjjy ofkcfoja fkb fttrfitlva gmr glkfkilkh. Rà rapmrt fjsm saacs tm raimhklzatà lkstltutlmkfj embajs fkb lkltlftlvas lktrmbuiab lk tà rahlmk fkb imeeakts mk tàsuiiass stmrlas, w`lja brfwlkh fkfjmhy wlt` sleljfr embajs axlstlkh lk mtàr pfrts mg tàwmrjb. Lk bmlkh sm, tà stuby saacs tm fssass tà rajftlva earlts mg lkvasteakt glkfkiagukblkh eat`mbs, lkijublkh puojli, prlvfta, puojli-prlvfta pfrtkars`lps (TTT), fkblktarkftlmkfj lkgrfstruitura gukbs fkb tàlr fppjlifoljlty lk tà iurrakt imktaxt. Glkfjjy,

tà stuby saacs tm blsiuss smea grfeawmrc struituras sultfoja gmr glkfkilkh vfrlmus

9


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typas mg prmnaits lk tà pmrt, pmwar trfkselsslmk, fkb rmfb saitmrs.

?. _FRLMKFJ GM_ LET_MWAB GLKFKIA OARXAAK

YMQR@ FYLF FKB YMQR@AFYR FYLF FBO astleftas t`ft Ymut` Fslf fkb Ymutàfst Fslf wljj kaab ft jafst $9.7 trljjlmk mvartà parlmb ?464-?4?4 lk lkgrfstruitura lkvasteakt lg tày fra tm eaat tà kaabs mg tàlrhrmwlkh pmpujftlmks (O`fttfi`fryfy ?46?). @mwavar, tà ukbarjylkh lssua ls kmt fomutf s`mrtfha mg emkay> fiimrblkh tm bftf grme tà Lktarkftlmkfj Emkatfry Gukb (saaIfearmk S?46?U), lk fjj mg Fslf, sfvars put fwfy $6.9 trljjlmk lk ?466 fjmka, fkb tàra lsakmuh` axiass jlqulblty lk Xastark glkfkilfj efrcats jmmclkh gmr rajlfoja jmkh-tareraturks tm eaat f slhklglifkt pfrt mg t`ls glkfkilkh raqulraeakt. Rà prmojae, mk tàmtàr `fkb, ls t`ft tà grfeawmrc fkb lkstrueakts kaabab tm orlbha tà hfp fra lk tàlrlkgfkiy mg bavajmpeakt. Hmvarkeakts, tà trfbltlmkfj prmvlbars mg gukbs gmr assaktlfjpuojli lkgrfstruitura, fra gfilkh lkirafslkh oubhat prassuras, efclkh prlvfta gukblkh

iruilfj gmr bavajmpeakt gukblkh fkb glkfkilkh mg lkgrfstruitura prmnaits. Ofkc glkfkia,Ymut` fkb Ymutàfst Fslf“s trfbltlmkfj smuria mg ifpltfj, t`muh` emra fvfljfoja lk tàrahlmk t`fk lk mtàr rahlmks, ls oaimelkh omt` emra sifria fkb emra axpakslva, fkbomkb efrcats fra stljj f wmrc lk prmhrass lk emst mg tà rahlmk.

Fjt`muh` hrmwt` rftas lk tà rahlmk fra `lh` oy Xastark stfkbfrbs, mtàr bftf s`mwt`ft lg lkgrfstruitura omttjakaics imujb oa ajlelkftab, hrmwt` wmujb oa eui` gfstar. Gmraxfepja, Lkblf ls tà wmrjb's saimkb-jfrhast prmbuiar mg gras` grult fkb vahatfojas, outls ofttjlkh gmmb-prlia lkgjftlmk fs 24% mg tà irmp rmts oagmra lt hats tm efrcat oaifusamg lts irueojlkh rmfb systae fkb f s`mrtfha mg ragrlharftab rflj ifrs3 90% mgLkbmkaslfks stljj `fva km fiiass tm ajaitrlilty3 tàra ls km afst’wast rflj jlkc rukklkh fjjtà wfy firmss Ymutàfst Fslf3 fjj mg w`li` `fepar hrmwt` lk tà rahlmk (Ifearmk

?46?). Eui` mg tà gukblkh prmojae staes grme tà leefturlty mg Ymut` fkb Ymutàfst Fslf“sifpltfj efrcats. Rà rahlmk `fs trfbltlmkfjjy rajlab mk ofkc jmfks gmr axpfkslmk, w`li`fra f glklta pmmj mg jlqulblty, fkb omkb efrcat lkvastmrs‒aspailfjjy lk tleas mg turemlj‒takb tm pragar pjflk vfkljjf lkvasteakts, pragarfojy wlt` smjlb rftlkhs fttfiàb. Fs tàefrcat ls kmt smp`lstliftab fkb imktrfit pargmrefkia rlscs fra kmt fpprmprlftajyoficstmppab, trfbltlmkfj prmnait glkfkilkh struituras lkvfrlfojy prmiura suo-lkvasteakthrfba rftlkhs, pfrtliujfrjy wàk saaclkh glkfkilkh mk f kmk-raimursa ofsls, tùs gmrilkhrlsc fvarsa `musa`mjb sfvlkhs fwfy. Fbbltlmkfjjy, ljjlqulblty lk tà rahlmkfj omkbefrcats, jfic mg efrcat efclkh fkb f rajlfoja jmkh-tare ylajb iurva, fkb jmw rajlfoljltymg glkfkilfj rapmrtlkh oy imrpmrftas caap ratflj lkvastmrs fwfy avak grme imrpmrftaomkbs t`ft imujb glkfkia bavajmpars“ aqulty lk prmnaits. Lkstafb, tàsa sfvlkhs hattrfbltlmkfjjy i`fkkajlzab tm fppfraktjy emra fttrfitlva lkvasteakt mptlmks lk p`yslifjfssats jlca hmjb, rafj astfta, fkb glkfkilfj fssats mg tà Xast.

Lk f stuby puojlsàb lk ?44


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rajftlvajy ukbarbavajmpab glkfkilfj efrcats, efturlty elseftiàs oatwaak jmkh-tarefssats fkb s`mrt-tare jlfoljltlas, fkb savarfj mtàr gfitmrs.

R`ls `fs iraftab f strmkh kaab tm bavajmp rahlmkfj glkfkilkh ifpfoljltlas, w`li` wljjàjp lksujfta rahlmkfj lkgrfstruitura hrmwt` grme s`mics grme bavajmpab efrcats.

Imuktrlas lk tà rahlmk kaab tm ak`fkia tàlr mwk glkfkilkh fkb rlsc efkfhaeaktfoljltlas lk mrbar tm pravakt fkb rasmjva fky gutura glkfkilfj irlsas. Ytrakhtàklkh mgrahlmkfj glkfkilfj immparftlmk‒tmhatàr wlt` suppmrt grme lktarkftlmkfj glkfkilfjmrhfklzftlmks, lkijublkh tà Lktarkftlmkfj Emkatfry Gukb (LEG), fkb grme fbvfkiabimuktrlas‒wljj oa irltlifj lk fttflklkh t`ls monaitlva.

I`fkhas fra tfclkh pjfia lk tà rahlmk, fjoalt ft f sjmw pfia wlt` ukavak blstrloutlmk.Gmr axfepja, iartflk emra eftura rahlmkfj ofkclkh katwmrcs, sui` fs lk Ylkhfpmra,`fva baemkstrftab fk fppatlta gmr jmkhar-tare lkgrfstruitura glkfkilkh prmbuits firmsstà rahlmk. Rà fvfljfoja femukt mg jlqulblty gmr jmkhar-tare glkfkilkh gmr jmifjlkgrfstruitura prmnaits `fs hmka up lk imuktrlas jlca R`fljfkb fkb T`ljlpplkas wlt` jmifjofkcs lkirafslkh gukblkh tm jmkh tare lkgrfstruitura prmnaits, aspailfjjy lk jmifj

iurrakilas. Efjfyslf `fs s`mwk tà wfy gmr tfpplkh jmifj fkb rahlmkfj ifpltfj efrcatsgmr raglkfkilkh prmnaits mkia tày `fva oaak ouljt mr rlscs `fva oaak eltlhftab, tùsgraalkh up ofkc gukblkh gmr kaw prmnaits. Gaablkh lktm t`ls, FBO `fs put tmhatàr firablt ak`fkiaeakt siàea lk Lkblf gmr efrcat-jlstab baot saiurltlas, tmhatàr wlt` tàstfta-mwkab Lkblf Lkgrfstruitura Glkfkia Imepfky, mggarlkh irablt bagfujt hufrfktaasmg up tm 24% tm bmeastli lkgrfstruitura prmnaits t`ft `fva imepjatab 9 yafrs mgmparftlmks.

Ràra fra fjsm slhks mg hraftar gjaxloljlty lk trfkskftlmkfj glkfkilkh. Lk ?466, @YOIfrrfkhab tà glkfkilkh gmr f $6. ft $6.27oljjlmk, lt raprasakts tà jfrhast femukt mg baot avar rflsab lk Wlat Kfe3 tà jmkhastbaot takmr (60 yafrs)3 fkb tà glrst jfrha-sifja lkvmjvaeakt mg _apuojli mg Cmraf axpmrtirablt fhakilas lk Wlat Kfe (Ifearmk ?46?). Yui` struiturab bafjs kaab tm oaprmemtab lk tà rahlmk, fkb hmvarkeakts ifk usa jmfk hufrfktaas tm akimurfhaimeearilfj pfrtlilpftlmk.

9. GLKFKILFJ YAIRM_ FKB EF_CAR FYYAYYEAKR

9.6 Fslfk Irablt Efrcat

Fslfk glkfkilfj efrcats `fva oaak i`frfitarlzab oy tà prabmelkfkia mg ofkcs.Ofkclkh systaes `fva stafbljy avmjvab wlt` agglilakt systaes fkb strmkh ifpltfj ofsas.

Gurtàremra, Fslfk glkfkilfj systaes fra hakarfjjy vary ‚jmfk-iaktrli,― wltùkbarbavajmpab omkb efrcats gmrilkh tà vfst efnmrlty mg irablt mktm ofkcs fkb mtàrirablt lktareablfrlas. Firmss tà rahlmk, tà hrmwt` mg tmtfj irablt fkb mg ofkc jmfks `fsaxiaabab kmelkfj hrmss bmeastli prmbuit (HBT) hrmwt` rftas gmr efky yafrs.Aqulvfjaktjy, tmtfj irablt fkb jmfks rajftlva tm HBT `fva rlsak, sm t`ft efky Fslfkimuktrlas kmw fppafr tm oa wajj javarfhab.

Rà bavajmpeakt mg baot ifpltfj efrcats firmss tà rahlmk (axiapt Ylkhfpmra, fkb tmsmea axtakt, R`fljfkb fkb Efjfyslf) `fs oaak sjmw. Ràra `fva oaak rastrlitlmks mkirmss-omrbar lkvasteakts bua tm vfrlmus gfitmrs sui` fs axi`fkha rfta rlscs, jfic mgefrcat bapt`, fkb jahfj fkb rahujftmry ùrbjas, fjj imktrloutlkh tm efrcats oalkh jfrhajylsmjftab grme afi` mtàr fkb efclkh tà irablt efrcat axiasslvajy rajlfkt mk ofkcjmfks. X`lja lk sui` `lh`jy jmfk-iaktrli systaes, ofkcs wljj gaaj vujkarfoja tm f s`lgt mgtmtfj irablt grme ofkcs tmwfrb ifpltfj efrcat lkstrueakts, fkb bavajmplkh-imuktry

1

http://www.iifcl.org/http://www.iifcl.org/


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systaes wlt` jfrha omkb efrcats efy `fva hraftar pmtaktlfj gmr imktlkuab rfplb jmfkhrmwt` t`fk tàlr irablt fkb HBT suhhast.

Rà afrjy staps tmwfrb bavajmpeakt mg f rahlmkfj baot ifpltfj efrcat, avak lg avmjvlkhsjmwjy, `fva oaak akimurfhlkh. Ymea mg tàsa lkijuba>

• Iraftlmk mg f emra lkijuslva fkb mpak ifpltfj efrcat akvlrmkeakt wlt` oattarblsijmsura

• Leprmvaeakts lk jahfj grfeawmrc • Oattar imrpmrfta hmvarkfkia • Ytrmkhar rahujftmry fkb suparvlsmry grfeawmrcs • Lkirafslkh fbmptlmk mg lktarkftlmkfj stfkbfrbs fkb oast prfitlias

9.? Trmnait Glkfkilkh

Rrfbltlmkfj, kmk-raimursa prmnait glkfkilkh lk Fslf `fs oaak jfrhajy lepfitab oy fimeolkftlmk mg t`raa irablt efrcat sltuftlmks>

(f) Jfic mg f eftura fkb jlqulb baot ifpltfj efrcat iraftlkh fk axiasslva rajlfkia mkglkfkilkh mg prmnaits wlt` ofkc jmfks3

(o) Rà hakarfjjy `lh` rfta mg lkgjftlmk lk tà rahlmk `fs jagt lktarast rftas `lh`3

(i) Rà trfbltlmkfj ofkclkh embaj lk Fslf‒fssat àfvy, gmiusab mk kat lktarast lkimea,fkb rajftlvajy jlh`t mk gaa lkimea‒w`lja oalkh rasljlakt firmss tà rahlmk, `fsrakbarab ofkcs jfrhajy lkgjaxloja tm lkkmvfta mk struiturab glkfkilkh siàeas, ukjlcatàlr Xastark imuktarpfrts.

Qkjlca lk tà QY fkb tm f jassar axtakt lk Aurmpa, lk Fslf fkb tà Tfilgli, kmk-ofkclkstltutlmks `fva gfljab tm aearha fs f slhklglifkt fjtarkftlva tm ofkcs. Kmk-ofkclkstltutlmks `fva oaak rajahftab jfrhajy tm tà rmja mg iraftmrs mg glkfkilfj prmbuits fkb

barlvftlvas. Ofkcs imktlkua tm ratflk f plvmtfj rmja. Fs f rasujt, prlvfta saitmrlkgrfstruitura prmnait glkfkia lk emst imuktrlas `fs oaak vlawab fs fk mggs`mmt mgimrpmrfta glkfkia, saaclkh tm fppjy sleljfr imvakfkts mg mgg-ofjfkia sàat imjjftarfjs,glxab rapfyeakt, fkb vary jmw emrftmrlue.

Kavartàjass, imra lkgrfstruitura, sui` fs rahujftab fssats lk tà akarhy saitmr fkbjmwar-rlsc trfkspmrt fssats, `fva imkstltutab tà oujc mg baefkb gmr ofkc glkfkilkh wlt`pfrtlfj mr km raimursa. Fiimrblkh tm tà Xmrjb Ofkc rapmrts ‚Lkgrfstruitura Tmjliy Qklt?46? TTL Bftf Qpbfta― (Xmrjb Ofkc ?469f,i), lk ?46?, 6?0 kaw prlvfta saitmrlkgrfstruitura prmnaits fi`lavab glkfkilfj ijmsura lk Ymut` Fslf fkb 72 lk Ymutàfst Fslf, w`li` lkijubab f tmtfj mg 640 akarhy prmnaits fkb 70 trfkspmrtftlmk saitmrsprmnaits. Rmtfj lkvasteakt imeelteakt lk tà lkgrfstruitura saitmr burlkh tà yafr wfs

lk tà mrbar mg $1?.? oljjlmk, mut mg w`li` $?4.9 oljjlmk wfs lkvastab lk akarhy prmnaits,fkb $??.2 oljjlmk lk trfkspmrtftlmk (Glhura 6).

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Glhura 6> Trlvfta Lkgrfstruitura Lkvasteakt lk Fslf

ITL 5 imksuear prlia lkbax, T_I 5 Tampja“s _apuojli mg I`lkf, QY 5 Qkltab Ytftas.

Ymuria> Xmrjb Ofkc (?469f,i).

9.9 Trlvfta Tfrtlilpftlmk lk Lkgrfstruitura

Lk Ymut` Fslf, Lkblf `fs `lstmrlifjjy wltkassab tà jfrhast vmjuea mg ifpltfj gjmw lk tàrahlmk, tfrhatab ft prlvftajy bavajmpab lkgrfstruitura prmnaits, avak t`muh` emst mgtàsa prlvfta bavajmpars `fva jfrhajy oaak bapakbakt gmr prmnait glkfkilkh jmfks mkstfta-mwkab ofkcs. Oaifusa mg `lh` javarfha struituras fkb f imeolkftlmk mg efrcatgmrias fkb pmjliy ukiartflktlas, tà saitmr `fs oaimea `lh`jy lkbaotab fkb savarfjprmnaits `fva oaak ukbar strass tm eaat tàlr baot sarvlilkh mojlhftlmks. Xlt`wmrsaklkh irablt qufjlty fkb pafcab axpmsura jlelts, emst ofkcs fra s`mwlkhrajuitfkia tm pfrtlilpfta lk gurtàr irablt axpfkslmk lk tà saitmr. Fbbltlmkfjjy, wlt`baprailftlmk mg tà Lkblfk rupaa oy fjemst 91% fhflkst emst efnmr iurrakilas lk tà

jfst ? yafrs, gmralhk baot sarvlia mojlhftlmks `fva fjsm imea ukbar strass.

@mwavar, tà lkgrfstruitura baglilt lk tà imuktry raeflks f irltlifj bavajmpeakti`fjjakha, w`li` lepjlas t`ft, wlt` tà baijlka lk ofkc irablt, mtàr smurias mg glkfkiawljj oa kaabab tm brlva tà axpfkslmk mg lkgrfstruitura lkvasteakts, t`ft ls, 0pariaktfha pmlkts emra t`fk lk tà pravlmus pjfk parlmb. Rmmjs tm eaat t`ls baefkbwljj raqulra `lh`jy rabuiab ofkc jmfks tm oa jfrhajy suppjaeaktab oy axpmrt irabltfhakiy (AIF) glkfkilkh, prmnait omkb smjutlmks, fkb lkgrfstruitura baot gukbs, fs wajjfs leprmvaeakts tm tà akfojlkh akvlrmkeakt fkb fk lkirafslkh rmja gmr bavajmpeaktofkcs.

Rà axpaitftlmk ls, t`ft tà stfta-mwkab lkgrfstruitura lkvasteakt va`lija, LkblfLkgrfstruitura Glkfkia Imepfky (LLGIJ), wljj pjfy f iaktrfj rmja, fs tàra fra mvar 944prmnaits lk tà plpajlka `fvlkh f tmtfj vfjua mg $


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lkijublkh tà ofkclkh systae, ls vary s`fjjmw imepfrab tm tà lkgrfstruitura glkfkilkhkaabs mg tàsa imuktrlas. Ofkhjfbas` ls saaclkh glkfkilfj fsslstfkia gmr f kueoar mgprmnaits lk pmwar hakarftlmk, wftar, sfkltftlmk, fkb trfkspmrtftlmk sarvlias, w`li` fraemstjy oalkh suppmrtab oy tà Fslfk AIFs, NLIF, FBO, fkb tà Lktarkftlmkfj GlkfkiaImrpmrftlmk. Hlvak tà jleltab mptlmks lk puojli glkfkilkh fkb jfic mg bapt` lk jmifjglkfkilfj efrcats, Tfclstfk `fs km i`mlia out tm turk tm tà prlvfta saitmr gmr glkfkilkhlts vfst lkgrfstruitura gukblkh hfp. Rà LGI ls wmrclkh wlt` tà hmvarkeakt tm àjpefca tà glkfkilkh efrcat fttrfitlva gmr prlvfta pfrtlilpftlmk. Kapfj ls trylkh tm fbbrasstà wlba-rfkhlkh lktarkftlmkfj pariaptlmk mg jmifj pmjltlifj rlscs fkb saaclkh tm bavajmpakfojlkh jahlsjftura fkb imktrfitufj prmvlslmks tm fttrfit baot glkfkilkh gmr lts jfrhakueoar mg `ybrm pmwar prmnaits lk vfrlmus stfhas mg bavajmpeakt. Lkstltutlmks wlt`fitlva lktarast lk Kapfj lkijuba tà LGI, FBO, Katàrjfkbs Bavajmpeakt GlkfkiaImepfky (GEM), Trmpfrim, Cgw, NLIF, fkb tà Mvarsafs Trlvfta LkvasteaktImrpmrftlmk (MTLI). Lk Yrl Jfkcf, pmjliy iraftlmk ls lk prmhrass tm lkvlta lktarkftlmkfjbavajmpars tm pfrtlilpfta lk lts vfst wlkb pmwar pmtaktlfj. Rà glkfkilkh gmr tà sfea lsjfrhajy axpaitab tm imea ukbar tà AIF rmuta fkb grme jmifj ofkcs. R`ls fpfrt, tà

trfkspmrtftlmk fkb tàrefj pmwar prmnaits oalkh ouljt lk tà lsjfkb imuktry fra emstjysaaclkh glkfkilkh ukbar oljftarfj frrfkhaeakts.

@mwavar, tàra `fva oaak smea lkltlftlvas gmr irmss-omrbar imkkaitlvlty lk tà Ymut` Fslf lk raiakt tleas, wlt` Lkblf pjfylkh f plvmtfj rmja lk emst mg tàsa prmnaits lk tàpmwar hakarftlmk, pmwar trfkselsslmk, fkb trfkspmrtftlmk saitmrs. Fs f stap lk t`lsblraitlmk, tàra ls f oljftarfj frrfkhaeakt oatwaak tà hmvarkeakts mg Lkblf fkbOùtfk gmr imkstruitlkh 64,044 EX mg `ybrmpmwar prmnaits ft pra-lbaktlglab sltas lkOùtfk, mg w`li` fjemst tà aktlra hakarftlmk wljj oa smjb tm Lkblf ukbar f jmkh-tare,oljftarfj TTF mr t`rmuh` tà irmss-omrbar pmwar trfblkh rmuta. Rà tares mg tà oljftarfjfrrfkhaeakt prmvlba blrait fiiass tm mvar 62,444 hlhfwftt-`murs (HX`) mg graaajaitrlilty fkkufjjy tm tà Hmvarkeakt mg Oùtfk gmr trfblkh lk Lkblf fkb Ofkhjfbas`.

Rfoja 6> Oljftarfj @ybrm pmwar Trmnaits oatwaak Lkblf fkb Oùtfk

Trmnait Kfea Ifpfilty

(EX)Glkfkilkh Tjfk

(jmfk’hrfkt rftlm)

AxpaitabIMB \afr

Rmtfj HX`Hakarftlmk

Graa HX`gmr Oùtfk

Tukftsfkhi`ù-L 6,?44 Hmvarkeakt mg Lkblf (74>24) ?467 1,786 6,94) ?468 2,918 6,147

Efkhabaiù 8?4 Hmvarkeakt mg Lkblf (84>94) ?460 ?,


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Yleljfrjy, lk Kapfj, tàra fra kafrjy ?4,671 EX mg oljftarfj `ybrmpmwar prmnaits fkbfkmtàr 7,22< EX mg prlvfta saitmr `ybrmpmwar prmnaits gmr irmss-omrbar pmwar trfbagrme Kapfj tm Lkblf (Iaktrfj Ajaitrlilty Fut`mrlty ?462), t`rmuh` glva babliftab 244 cW,bmuoja ilriult irmss-omrbar trfkselsslmk imrrlbmrs imkkaitlkh B`fjcaofr’Euzfggfrpur,Outwfj’Hmrfc`pur, Bu`fol’Turkaf, Bu`fol’Yljlhurl, fkb Jfecl’Ofraljjy oatwaakKapfj fkb Lkblf raspaitlvajy (Xmrjb Ofkc ?466, ?462). Mut mg tàsa, tà B`fjcaofr’Euzfggfrpur jlka ls lk tà lepjaeaktftlmk p`fsa, tà Outwfj’Hmrfc`pur jlka ls lk tàglkfkilkh p`fsa, fkb tà raeflklkh t`raa jlkas fra lk vfrlmus stfhas mg pjfkklkh fkbgafsloljlty stuby. Fjj mg tàsa trfkselsslmk jlkas fra oalkh bavajmpab lk prmnait-spailgli nmlkt vakturas oatwaak tà Kapfj Ajaitrlilty Fut`mrlty fkb tà Tmwar Hrlb Imrpmrftlmkmg Lkblf, suppmrtab oy jmfks fkb fbbltlmkfj aqulty grme prlvfta saitmr bavajmpars fkbtà Xmrjb Ofkc, tà LGI, fkb FBO.

Oatwaak Lkblf fkb Ofkhjfbas`, f 244 cW irmss-omrbar trfkselsslmk prmnait,imkkaitlkh t`rmuh` f 144 EX `lh` vmjtfha blrait iurrakt (@WBI) suostftlmk lkOfkhjfbas`, wfs imeelsslmkab lk ?469 (FBO ?469), lkltlftlkh trfba mg pmwar grmeLkblf tm Ofkhjfbas` ukbar f oljftarfj pmwar trfba fhraaeakt gmr tà sfja mg ?14 EX mg

ajaitrlilty oy tà pmwar trfblkh fre mg KRTI (Lkblf“s jfrhast pmwar utljlty) tm tàOfkhjfbas` Tmwar Bavajmpeakt Omfrb. FBO àjpab glkfkia tà $6


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Rfoja ?> Ymut` Fslf Yuorahlmkfj Aimkmeli Immparftlmk Trmnaits

Imuktry/_ahlmk

Trmnait Kfea Yaitmr Trmnait Imst

($ eljjlmk) Lkblf YFYAI _mfb Imkkaitlvlty Lkvasteakt Trmhrfe Rrfkspmrt 2?1Lkblf Kmrt` Afstark Ytfta _mfbs Lkvasteakt Rrfkspmrt 618

O`utfk Hraak Tmwar Bavajmpeakt Trmnait Akarhy 24Ofkhjfbas` YFYAI Ofkhjfbas`’Lkblf Hrlb Lktarimkkaitlmk Trmnait Akarhy 24Kapfj Trmnait Trapfrftmry Gfiljlty gmr Akarhy Akarhy ?7Kapfj YFYAI _mfb Imkkaitlvlty Trmnait Rrfkspmrt/_mfb


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?469).

Gurtàremra, lk tà imelkh yafrs, glkfkilkh kaabs gmr akarhy lk tà rahlmk fraaxpaitab tm oa suppjaeaktab oy sui` kaabs gmr prmnaits lk tà trfkspmrtftlmk fkburofklzftlmk saitmrs, fs wajj fs t`msa lk tà rahlmkfj lktahrftlmk simpa, jafblkh tm

ak`fkiab imkkaitlvlty t`rmuh` trfkspmrt, ajaitrlilty trfkselsslmk, fkb kfturfj hfsplpajlkas. Yavarfj lkltlftlvas `fva oaak tfcak up oy tà FYAFK eaeoar imuktrlas lkgfvmr mg t`ls monaitlva w`li` lkijubas tà Efstar Tjfk mk FYAFK Imkkaitlvlty (ETFI),tà FYAFK Lkgrfstruitura Gukb (FLG). Trlvfta saitmr ls axpaitab f jfrha rmja lk tàsalkltlftlvas lk tà gmre mg ifpltfj smuria fkb tai`klifj axpartlsa lk bavajmplkhsustflkfoja prmnaits.

2. LKWAYREAKR GLKFKIA GQKBLKH EAR@MBY‒FYYAYYEAKR MG MTRLMKY

2.6 Ofichrmukb@lstmrlifjjy, trfbltlmkfj lkgrfstruitura glkfkilkh embajs `fva oaak mvar-rajlfkt mk fjavarfha struitura suppmrtab oy bavajmpeakt glkfkilfj lkstltutlmks, hmvarkeaktlkstltutlmks, eujtljftarfj lkstltutlmks, fkb axpmrt irablt fhakilas, avak w`lja saaclkh tmmptlelza mk prlvfta saitmr ifpfoljltlas lk prmnait axaiutlmk, imst mptlelzftlmk, fkbmparftlmkfj agglilakilas. Xlt` fk fjemst ukwfvarlkh, emkmpmjlstli ravakua embaj mgsui` prmnaits, jfrhajy spmksmrab oy stfta-mwkab bavajmpars fkb axaiutab oyimepatltlvajy olb prlvfta saitmr imuktarpfrtlas, javarfha wfs sustflkfoja fkb jfrhajyrlsc fbnustab.

Rfoja 9> Lkgrfstruitura Glkfkilkh Mptlmks

Rypa Bmeastli Ymurias Axtarkfj Ymurias

Aqulty

Bmeastli lkvastmrs Gmralhk lkvastmrs

Tuojli utljlty Aqulpeakt suppjlars (lk imjjfomrftlmk wlt`bmeastli fkb lktarkftlmkfj bavajmpars)

Babliftab hmvarkeakt gukbs Babliftab lkgrfstruitura gukbs

Lkstltutlmkfj lkvastmrs Mtàr lktarkftlmkfj aqulty lkvastmrs

Baot

Bmeastli imeearilfj ofkc Lktarkftlmkfj imeearilfj ofkcs

Bmeastli tare jakblkh lkstltutlmks Axpmrt irablt fhakilas

Bmeastli omkb efrcats Lktarkftlmkfj omkb efrcats

Ypailfjlzab lkgrfstruitura glkfkilkhmptlmks sui` fs lkgrfstruitura baot gukbs

Eujtljftarfj fhakilas (glkfkilkh wlt`bavajmpeakt parspaitlvas fkb lk jmkh takmrs)

Ymuria> Glkkfija Ifpltfj _asafri` (?469).

Yuosaquaktjy, wlt` tà aktry mg tà prlvfta saitmr lktm bavajmplkh fkb spmksmrlkhprmnaits, tàra wfs f imksilmus gmius mk orafclkh emkmpmjlas, jafblkh tm ravakuasoalkh jfrhajy batarelkab oy efrcat gmrias fkb tà jafsa imst olbblkh embaj, efclkhglkfkilkh mk `lh` javarfha f rajftlvajy rlscy prmpmsltlmk. Mk tà mtàr `fkb, gmr prmnaits

t`ft stljj mparfta jlca rahlmkfj emkmpmjlas, jlca rmfbs, flrpmrts, mr pmrts, tà glkfkilkh

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fkb axaiutlmk rlsc wfs jfrhajy trfksgarrab tm prlvfta-saitmr pjfyars w`msa mwk foljltlastm rflsa glkfkilkh wfs jleltab oaifusa mg tàlr mvar-rajlfkia mk tà ofkclkh systae. Fsf rasujt, tà trfbltlmkfj glkfkilkh embajs akvlsfhab rflslkh 84%’04% mg prmnait-spailgliglkfkilkh raqulraeakts grme tà ofkclkh systae, w`li` ltsajg wfs jfrhajy brlvak oymonaitlvas mg fssat oficab pmrtgmjlm imjjftarfjlzftlmk lkstafb mg tfclkh pmsltlmks mkprmnaitab ifs` gjmws, fkb tùs oalkh foja tm mparfta lk f kfrrmw fssat ijfss rfkhlkhgrme imrpmrfta baot tm pfrtlfj raimursa prmnait glkfkia gfiljltlas.

2.? Tuojli Yaitmr Glkfkilkh Mptlmks

Rà axparleakt wlt` prlvfta saitmr bavajmpeakt fkb glkfkilkh mg lkgrfstruitura,pfrtliujfrjy lkvmjvlkh prlvfta ifpltfj grme wlt`lk tà rahlmk, `fs ylajbab elxab rasujts.Rm f jfrha axtakt, tà `lh` fssat vfjua mg lkgrfstruitura, jmkh hastftlmk parlmbs,jueplkass mg ifpltfj, fkb `lh` glkfkilkh imsts `fva batarrab, fkb wljj imktlkua tm batar,prlvfta saitmr lkvasteakt lk bavajmpeakt stfha prmnaits, pfrtliujfrjy wàra iruilfjlssuas rajftlkh tm jfkb fiqulsltlmk, ra`foljltftlmk fkb rasattjaeakt, akvlrmkeaktfj

fpprmvfj fkb lkgrfstruitura imkkaitlvlty `fva kmt oaak rasmjvab, raqulrlkh altàr blraitgukblkh oy tà hmvarkeakts mr smea typa mg ofkcfoja rlsc imvar hufrfktaa oyhmvarkeakt aktltlas.

Emramvar, f kueoar puojli lkgrfstruitura prmnaits, oy tàlr vary kftura, `fvaimeearilfj fkb kmk-imeearilfj imepmkakts, efclkh lt ukfttrfitlva gmr tà prlvftasaitmr tm lkvast lk f oukbjab trfksfitlmk. Lk sui` ifsas, tà kmk-imeearilfjimepmkakts fra raqulrab tm oa ukoukbjab gmr hmvarkeakt gukblkh t`rmuh` oubhatfryfjjmiftlmks, suppmrtab fkb suppjaeaktab oy glkfkilkh grme bavajmpeakt glkfkialkstltutlmks (BGLs) fkb ukbar hmvarkeakt-tm-hmvarkeakt (H-tm-H) prmhrfes (Glhura ?).

Glhura ?> Tuojli fkb Trlvfta Glkfkilkh mg Lkgrfstruitura

Iass 5 tfxas afrefrcab gmr spailfj purpmsas, TTT 5 puojli-prlvfta pfrtkars`lp.

Ymuria> Fut`mr“s ljjustrftlmk.

Rà rmja mg hmvarkeakt lkstltutlmks fkb pfrfstftfjs lk lkgrfstruitura glkfkilkh wljjkaiassfrljy `fva tm oa suppjaeaktab oy eujtljftarfj bavajmpeakt ofkcs (EBOs), sui`fs tà Xmrjb Ofkc fkb tà FBO. Rà EBOs `fva fk lepmrtfkt rmja tm pjfy lk kfrrmwlkhtà gukblkh hfp lk kftlmkfj fkb irmss-omrbar lkgrfstruitura prmnaits, fs wajj fs lklkgjuakilkh tà pmjliy akvlrmkeakt, lepfitlkh prmiuraeakt prmiassas fkb prmvlblkh

rlsc imvar tm prlvfta saitmr bavajmpars. EBO suppmrt ifk tfca tà gmre mg fuheaktlkh

6?


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mr suppjaeaktlkh kftlmkfj oubhats t`rmuh` smvaralhk jakblkh, javarfhlkh prlvfta saitmrpfrtlilpftlmk t`rmuh` hufrfktaas imvarlkh pmjltlifj fkb irablt rlsc, glkfkilkh gafsloljltystublas t`rmuh` tai`klifj fsslstfkia, fkb prmvlblkh prmnait-struiturlkh suppmrt. Lk fklkirafslkhjy imepjax glkfkilkh fkb pmjltlifj rlsc akvlrmkeakt, tà EBOs fra fjsmaxpaitab pjfy f irltlifj rmja lk leprmvlkh tà rahujftmry akvlrmkeakt, suppmrtlkhtrfksgar fkb blgguslmk mg tai`kmjmhy, fkb leprmvlkh ouslkass fkb hmvarkfkia prfitlias,pfrtliujfrjy lk aearhlkh aimkmelas sui` fs t`msa lk FYAFK. Fs kmk-imkgjlitabtrfksfitlmk gfiljltftmrs, EBOs ifk pjfy tà cay rmjas mg immrblkftmr femkh eujtlpjastfca`mjbars gmr rahlmkfj lktahrftlmk.

Axiapt gmr smea jleltab aggmrts oy tà _asarva Ofkc mg Lkblf, tà iaktrfj ofkcs mg tàYmut` fkb Ymutàfst Fslfk imuktrlas `fva raeflkab jfrhajy batfiàb grme tàglkfkilkh mg lkgrfstruitura prmnaits, avak fs tày imktlkua tm lkvast jfrha pmrtlmks mg tàsmvaralhk gmralhk axi`fkha rasarvas lk sfga out jmw ylajblkh QY Rrafsury Oljjs, hmjb,fkb mtàr gmres mg imksarvftlva axtarkfj sfvlkh prmpmsltlmks, hulbab emstjy oy tàpravfljlkh bmeastli lkvasteakt rahujftlmks hmvarklkh tà usa mg tàsa rasarvas. Emraraiaktjy, efky Ymut` fkb Ymutàfst Fslfk imuktrlas“ gmralhk axi`fkha rasarvas `fva

imea tm axiaab iaktrfj ofkcs“ elkleue raqulraeakt gmr eflktflklkh axi`fkha rftastfoljlty fkb àkia pfrt mg t`msa rasarvas `fva oaak i`fkkajab lktm smvaralhkwafjt` gukbs (YXGs). Ymut` fkb Ymutàfst Fslf `fs savarfj YXGs fkb tàyfra fjjmwab tm lkvast lk gmr alhk fssats t`ft mggar rafsmkfoja raturks ukbar iaktrfjofkc lkvasteakt hulbajlkas. ? YXGs ifk pjfy fk lepmrtfkt rmja lk gukblkh prmnaitsspfkklkh eujtlpja imuktrlas wàra lt ls blggliujt tm astfojls` `mw eui` afi` imuktry lsoakaglttlkh fkb s`mujb tàragmra imktrlouta.

Jfstjy, tà rmja mg tà AIFs ls axpaitab tm oa iruilfj lk tà imelkh yafrs, glkfkilkh fjfrha kueoar mg prmnaits lk tà rahlmk, brlvak jfrhajy oy tàlr smvaralhk efkbftas tmprmvlba glkfkilkh t`rust tm tàlr raspaitlva imuktrlas“ HBT-ommstlkh aqulpeakt fkbprmnait axpmrts. Lk tà iurrakt rahlea mg hjmofj sjmwbmwk lk lkbustrlfj baefkb,

hmvarkeakts frmukb tà wmrjb fra kmw tfrhatlkh akarhy fkb lkgrfstruitura prmnaits fsvltfj imkbults tm axpmrtlkh `lh`-vfjua efi`lkary, jfomr, axpartlsa, fkb tai`kmjmhypficfhab fs prmnait akhlkaarlkh, prmiuraeakt fkb imkstruitlmk (ATI), fkb AIFs fraprmvlkh f vltfj tmmj gmr suppmrtlkh tàsa pmjlilas. Hjmofj AIF jakblkh fitlvlty lkimeearilfj prmnait glkfkia trfksfitlmks `fs lkirafsab t`raagmjb grme jass t`fk $64oljjlmk lk ?44< tm emra t`fk $94 oljjlmk prmnaitab lk ?469. Jlqulblty-rli` Fslfk AIFs fraijmslkh tà jfrhast kueoar mg AIF-oficab bafjs, wlt` tà Nfpfk Ofkc gmr LktarkftlmkfjImmparftlmk (NOLI) aearhlkh fs tà hjmofj jafbar mvar jfst 1 yafrs, `fvlkh glkfkiab 17prmnaits gmr $91.< oljjlmk, gmjjmwab oy tà Axpmrt-Lepmrt Ofkc mg tà Qkltab Ytftas (?8prmnaits, $60.1 oljjlmk), tà Axpmrt-Lepmrt Ofkc mg Cmraf (CAPLE) (98 prmnaits, $66.7oljjlmk), fkb tà Axpmrt-Lepmrt Ofkc mg I`lkf (60 prmnaits, $0.2 oljjlmk) (Ofcar fkbEiCakzla _apmrt fkb Lkgrfstruitura Nmurkfj ?469). Burlkh tà sfea parlmb, Axpmrt

Bavajmpeakt Ifkfbf (ABI) wfs tà vmjuea jafbar, `fvlkh glkfkiab 78 AIF-oficabbafjs.

? Rà Hmvarkeakt Lkvasteakt Qklt mg Lkbmkaslf, Ytfta Ifpltfj Lkvasteakt Imrpmrftlmk mg Wlat Kfe,

Hmvarkeakt Lkvasteakt Imrpmrftlmk fkb Raefsac @mjblkhs mg Ylkhfpmra, fkb C`fzfkf` Kfslmkfj mgEfjfyslf fra gflrjy fitlva lk tà rahlmkfj irmss-omrbar lkvasteakt spfia.

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Rfoja 2> Axpmrt Irablt Fhakiy Jafhua Rfoja, ?440’?469

Axpmrt Irablt FhakiyWfjua

($ eljjlmk)Kueoar mg

Bafjs

Nfpfk Ofkc gmr LktarkftlmkfjImmparftlmk

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aggaitlva i`fkkajlzlkh mg mkjy f pfrt mg t`a rahlmkfj sfvlkhs imujb glkfkia t`a aktlralkvasteakt prmhrfe.

Rfoja 1> Glkfkilkh _aqulraeakts fkb Yfvlkhs

Imuktry/_ahlmk Lkvasteakt _aqulraeakt

up tm ?4?4($ eljjlmk)

Fkkufj Yfvlkhs,

?46?($ eljjlmk)

Ifeomblff 69,972 149

Lkbmkaslf 214,942 ?04,


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2.2 Omkb Efrcat

Fslf kaabs f rmoust omkb efrcat t`ft ifk efti` tà glkfkilkh kaabs mg tà jfrhalkgrfstruitura prmnaits lk tà rahlmk fkb tà hrmwlkh fppatlta gmr jmkh-tare fssats

femkh jmifj pakslmk fkb lksurfkia imepfklas. @mwavar, wmrjbwlba, prmnait glkfkia lssaak fs mka mg tà rlsclast omkb lkvasteakt ijfssas. Fs f rasujt lt ls mgtak tfjcab fomutfkb sajbme fitab upmk. Out gfiab wlt` rfplbjy blelkls`lkh raturks grme lkvasteakthrfba imrpmrfta omkbs fkb Rrafsury oljjs, baefkb grme lkstltutlmkfj lkvastmrs jlcapakslmk fkb lksurfkia gukbs‒w`li` kaab jmkh-tare raturks tm efti` tàlr jmkh-tarejlfoljltlas‒`fs iraftab f jmt mg lktarast lk prlvftajy pjfiab lkgrfstruitura omkbs.

Gmjjmwlkh tà glkfkilfj irlsls mg ?440 fkb tà smvaralhk baot irlsls lk tà aurmzmka,baot rabuitlmk swapt tà Xast fs strlkhakt Ofsaj LLL hulbajlkas mk rlsc walh`tfha fkbifpltfj fbaqufiy ifusab efky glkfkilfj lkstltutlmks, pfrtliujfrjy tà jfrha Aurmpafkofkcs, tm sifja ofic jakblkh. R`ls jlqulblty hfp wfs gljjab tm smea axtakt oy jmifj fkbrahlmkfj ofkcs mg Fslf, avak t`muh` tàlr jakblkh gmius imktlkuab tm raeflk jleltab tmjass rlscy imrpmrfta baot fkb `lh` ylajb ratflj jmfks. Fs stlggar ofkclkh rahujftlmks fkbimvakfkts efba ofkc glkfkilkh mg lkgrfstruitura prmnaits jleltab, tàra wfs fk fttaeptoy irabloja lkgrfstruitura bavajmpars wlt` strmkh trfic raimrbs tm axpjmra tà rahlmkfjomkb efrcats. Mvarfjj omkb lssufkia `fs eflktflkab stafby hrmwt` firmss tà rahlmk(Glhura 9). Ylkia ?448, jmifj iurrakiy (JI\) omkb efrcats firmss Fslf `fva emra t`fkbmuojab, rafi`lkh mvar $0 trljjlmk lk ?462, mut mg w`li` 24% wfs fiimuktab gmr oyimrpmrfta omkbs (Glhura 9).

Glhura 9> Rà Jmifj Iurrakiy Omkb Efrcat lk Fslf

Kmta> Bftf ls gmr tà Lkbmkaslf, Nfpfk, _apuojli mg Cmraf, Efjfyslf, T`ljlpplkas, Ylkhfpmra, R`fljfkb, fkb Wlat Kfeefrcats.

Ymuria> Fslfk Omkbs Mkjlka Bftfofsa.

F efnmr rafsmk gmr tà sjmw uptfca mg lkgrfstruitura prmnait omkbs ls tà jfic mg ijfrltyfemkh prmnait spmksmrs rahfrblkh tà gafsloljlty mg omkb glkfkia rajftlva tm tà prmvak,trfbltlmkfj rmuta mg ofkc baot glkfkilkh, eujtljftarfj/AIF glkfkia, fkb ifpltfjimktrloutlmks. @mwavar, raglkfkia omkb struituras mg tà typa iraftab oy FBO fkbLLGIJ lk Lkblf `fva lkvmcab baap lktarast femkh savarfj lkgrfstruitura imepfklas tmaxpjmra tà puojlijy jlstab omkb efrcat. Fkmtàr trfbltlmkfj lepableakt, imkstruitlmkrlsc, ls lkirafslkhjy oalkh eltlhftab oy tfrhatab irablt ak`fkiaeakts, altàr oy oalkhprliab lk mr oy oalkh imvarab ukbar rmoust ATI imktrfits wlt` strmkh ofjfkia sàatsuppmrt. Lk fbbltlmk, imkstruitlmk rlsc elh`t kmt oa imepjatajy kaw gmr lkvastmrs lg tàprmnait spmksmr `fs f prmvak trfic raimrb mg prmnait lepjaeaktftlmk.

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Omx 6> Fslfk Omkb Efrcat Lkltlftlva

Ymuria> LG_ Fslf (?461).

Km bmelkfkt prmnait omkb embaj `fs yat aearhab, fkb jmifj imkbltlmks wljj fjwfysvfry. X`lja tà spailgli bafj struitura gmr afi` efrcat ls jlcajy tm raeflk bykfeli, tàglkfkilkh smuria gmr lkgrfstruitura ls jlcajy tm lkirafslkhjy trfksltlmk grme ofkc baot tmlkstltutlmkfj lkvastmrs. F jmhlifj lkgrfstruitura prmnait baot efrcat wmujb usa s`mrt-tareofkc baot gmr imkstruitlmk glkfkia (w`li` ifk avak oa lk tà gmre mg f suppjlars“ irabltwlt` f tfca-mut glkfkia ukbarwrltlkh) fkb raglkfkilkh tà sfea lk tà jmkh-tare

lkstltutlmkfj efrcats, fs saak lkirafslkhjy lk tà rahujftab lkgrfstruitura utljltlas fkbjavarfhab lkgrfstruitura fiqulsltlmk bmeflk. Rà cay rlsc wlt` t`ls embaj ls w`ftraglkfkilkh rlsc frlsas lk tares mg prmnaits mparftlmks, rahujftlmk, lktarast fkbaxi`fkha rfta fkb w`m ls tà ujtlefta oafrar mg sui` rlsc. F kfturfj eltlhftlmk mg sui`prmnait-spailgli rlscs ifk oa gmukb lk tà saiurltlzab baot efrcat, wàra ofkcs ifkpficfha f oukbja mg prmnait glkfkia jmfks fkb sajj tàe fs saiurltlzab baot lk tàlkstltutlmkfj efrcats, tùs movlftlkh tà kaab gmr lkstltutlmks tm lkvast/jakb blraitjy tm tàprmnaits tàesajvas.

Lk mrbar gmr lkstltutlmkfj efrcats tm `fva f sustflkab lktarast lk tà jmkh-tare, slkhjafssat ifs` gjmw-oficab omkbs, lt ls fosmjutajy kaiassfry tm `fva>

(f) ifpltfj mutslba mg tà ofkclkh systae3

(o) sugglilakt hmvarkfkia fkb trfkspfrakiy lk glkfkilfj rapmrtlkh3

(i) ofjfkiab tfx fkb imeearilfj pmjlilas3 fkb

(b) prmnait spailgli irablt suppmrt/irablt ak`fkiaeakt.

Gmr imuktry-javaj fssasseakt lk tà rahlmk, Efjfyslf lk pfrtliujfr `fs f vlorfkt omkbefrcat, w`li` imktrloutab fpprmxleftajy `fjg mg tà imuktry“s prlvfta lkgrfstruituralkvasteakts burlkh 6


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Lkbmkaslf `fva eflktflkab yafr-mk-yafr stfoljlty oy lssuas, fjt`muh` lssufkia vfjuassfkc grme $0.2 oljjlmk lk tà glrst `fjg mg ?46? (22% mg tà vfjua gmr Fslf fkb tà Tfilgli)tm $1.7 oljjlmk burlkh tà sfea parlmb lk ?469 (60%). Jlcawlsa, tà T`ljlpplkaseflktflkab emeaktue grme ?46?, wlt` lssufkias ijmsa tm $9.4 oljjlmk lk tà glrst `fjg mg?469, grme $?.1 oljjlmk burlkh tà sfea parlmb lk ?46?. Mtàr rahlmkfjjy slhklglifktimrpmrfta omkb efrcats lkijuba tà T_I fkb R`fljfkb.

2.1 Tuojli’Trlvfta Tfrtkars`lps

Mvar emra t`fk 9 baifbas, puojli’prlvfta pfrtkars`lps (TTT) `fva aearhab fs fkmgtak pragarrab tmmj lk Ymut` Fslf fkb Ymutàfst Fslf tm imepjaeakt smvaralhk aggmrtslk bavajmplkh lkgrfstruitura fkb prmvlblkh rajftab sarvlias. Burlkh t`ls parlmb, Lkblf `fsaearhab fs tà wmrjb“s jfrhast TTT efrcat fkb tà Hmvarkeakt mg Lkblf `fs usab tàTTT embaj wlt` rafsmkfoja suiiass lk tà trfkspmrtftlmk fkb ajaitrlilty trfkselsslmksaitmrs. Fs f hakarfj mosarvftlmk, TTTs lk Fslf fkb tà Tfilgli `fva oaak suiiassguj.

@mwavar, pfrfjjaj tm tà suiiass stmrlas fra savarfj blsfppmlktlkh axparlakias. Ràsa`fva frlsak fs f rasujt mg lkfbaqufta pra-lkvasteakt wmrc, lksugglilakt prmnait pjfkklkh,fosakia mg prmpar gafsloljlty stublas, gjfwab prmnait avfjuftlmks, fosakia mgimepatltlva takbarlkh, pmmr imktrfit baslhk, imepjaxltlas lk jfkb fiqulsltlmk, fkblkfiiurfta astleftlmk mg baefkb. Jfic mg trfkspfrakt hmvarkfkia eai`fklses `fvagurtàr imepjliftab prmnait sltuftlmks, jafblkh tm imkgjlitab rahujftmry struitura,froltrfry fkb pmpujlst hmvarkeakt lktargarakia, jfic mg nublilfj lkbapakbakia, fkb jficmg strmkh jahfj grfeawmrc baglklkh tà rlh`ts fkb mojlhftlmks mg prlvfta lkvastmrs, w`li``fva lepfitab tà mvarfjj javajs mg prlvfta saitmr suppmrt gmr TTT lk Ymutàfst Fslf lktà jfst baifba. Gfljab TTT kmt mkjy ùrts tà aimkmey fkb tà pampja oy kmt iraftlkhtà lkgrfstruitura t`ft wfs akvlsfhab‒mr iraftlkh suostfkbfrb lkgrfstruitura‒out fjsmoy `fvlkh tm gukb jfrha hmvarkeakt ofljmuts mg gfljab prmnaits t`rmuh` tfxas.

Lk tà pmst-?440 glkfkilfj irlsls siakfrlm, wlt` imeearilfj ofkcs saaclkh tm stfy fwfygrme lkgrfstruitura glkfkia, rahlmkfj omkb efrcats stljj oalkh lk tàlr lkgfkiy, fkbeujtljftarfj prmiuraeakt raqulraeakts oalkh tmm imepjax gmr efky hmvarkeakts, tàTTT bavajmpeakt embaj ls ukbarhmlkh f i`fkha fkb tà prlvfta saitmr pfrtlilpfktsfra oaimelkh vary pfrtliujfr fomut elklelzlkh bavajmpeaktfj fkb axaiutlmk rlscs,fsclkh tà hmvarkeakts tm prasakt oattar struiturab, rafbljy glkfkiafoja, fkb rafby-tm-imkstruit prmnait prmpmsltlmks gmr imepatltlva olbblkh.

Mvar tà yafrs, tà bavajmpars fkb tà glkfkilars `fva efturab tm ukbarstfkb tà rlscst`ft tà prlvfta saitmr ifk fkb ifkkmt efkfha. Fs f rasujt, tàra ls lkirafslkhaep`fsls grme bavajmpars fkb glkfkilars tm oalkh fwfrbab parelttab, pra-imkstruitlmkprmnaits, lkstafb mg imkiasslmks wlt` uksattjab jfkb fiqulsltlmk, parelttlkh, rasmuria

jlkcfha, fkb akvlrmkeaktfj ijafrfkia lssuas. Ràra ls fjsm fk aep`fsls mk ukoukbjlkhmparftlmkfj rlscs fkb fjjmiftlkh axtarkfj rlscs tm prmnait aktltlas, lktarkfj rlscs tm prmnaitspmksmrs, fkb raslbufj rlscs tm hmvarkeakt s`fra`mjbars (Glhura 2).

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Glhura 2> Rà I`fkhlkh Gfia mg tà Tuojli’Trlvfta Tfrtkars`lp Embaj

OMM 5 ouljb’mwk’mparfta, OMMR 5 ouljb’mwk’mparfta’trfksgar, BOGMR 5 baslhk’ouljb’glkfkia’mparfta’trfksgar, BOMR 5 baslhk’ouljb’mparfta’trfksgar, ATI 5 akhlkaarlkh, prmiuraeakt fkb imkstruitlmk.

Ymuria> Glkkfija Ifpltfj _asafri`.

Hmlkh gmrwfrb, fkb lk mrbar gmr tà TTT embaj tm `fva f oattar suiiass rfta, gmur

spailgli leprmvaeakts fra leparftlva>

(f) fbmptlkh hjmofj oast prfitlias tm aksura trfkspfrakiy fkb fiimuktfoljlty oy gujjyblsijmslkh olb irltarlf fkb efclkh irltarlf afsljy fvfljfoja gmr puojli sirutlky3

(o) bavajmpeakt mg TTT uklts lk tà rahlmk ofsab mk lktarkftlmkfj oast prfitlias,sui` t`ft tàsa uklts fra baslhkab tm gfiljltfta tà TTT prmiuraeakt fkbbajlvary prmiass oagmra imktrfits fra slhkab, akfojlkh fjj jlkcfhas, parelts, fkbfpprmvfjs, fkb `fvlkh f trfkspfrakt lktargfia wlt` tà fut`mrltlas t`ft fpprmvamr baky prmnaits3

(i) iraftlmk mg fk lkbapakbakt, kmk-imkgjlitab rahujftmry akvlrmkeakt w`li` ls

ifpfoja mg emkltmrlkh prmnait prmhrass, imeelsslmklkh, fkb mparftlmk, fs wajjfs lepjaeaktftlmk mg f rawfrb fkb pakfjty struitura t`rmuh` efrcateai`fklses3 fkb

(b) lkvasteakt lk ùefk rasmurias gmr TTT tm leprmva scljjs fkb ckmwjabha firmssf ormfb spaitrue mg spailfjtlas, grme lkstltutlmkfj tm tai`klifj tm glkfkilfj, oypfrtkarlkh wlt` axparlakiab imuktrlas (QKAYIFT ?46?).

Fbbltlmkfjjy, gmralhk axi`fkha prablitfoljlty, iaktrfj ofkc oficab gmralhk axi`fkhasuppmrt, fkb lkstltutlmkfj irablt ak`fkiaeakt mptlmks ifk àjp lk fttrfitlkh gmralhklkvastmrs. @mwavar, avak lg tà gmralhk axi`fkha rlsc fjjmiftlmk lssua ls rasmjvab, tàifpfilty mg iaktrfj fkb jmifj hmvarkeakts tm lepjaeakt f trfksltlmk tm f gujj imst-

raimvary eai`fklse raeflks lkfbaqufta. Rà TTTs mg tà gutura efy wltkasshmvarkeakts fkb puojli aktltlas oalkh emra lkvmjvab pfrtkars burlkh tà aktlra prmnaitjlga wlt` fpprmprlfta rlsc s`frlkh fkb/mr rlsc eltlhftlkh imktrloutlmks.

2.7 Irmss-omrbar Tuojli’Trlvfta Tfrtkars`lp

Glkfkilkh irmss-omrbar lkgrfstruitura prmnaits t`rmuh` tà TTT rmuta prasakts avakjfrhar i`fjjakhas fs sui` prmnaits fra baslhkab gmr suostfktlfj spljjmvar oakaglts fkbimuktrlas lkvmjvab efy `fva blggarakt glkfkilfj imkstrflkts lk tares mg glkfkilfj ifpfilty.Imuktrlas wlt` jass bavajmpab glkfkilfj efrcats kmt mkjy gfia gukblkh hfps, out avak fhrmss baglilakiy lk tà lkstltutlmkfj lkgrfstruitura gmr suppmrtlkh TTTs. Bmeastli pmjltlislk afi` imuktry fjsm `lkbars tà bavajmpeakt mg sui` prmnaits fs tà takura ls mgtak

vary jmkh wlt` gaw leeablfta tfkhloja oakaglts lk tà s`mrt tare. Lk sui` fk

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akvlrmkeakt, eujtljftarfj lkstltutlmks jlca FBO ifk pjfy eujtlpja gfiljltftlkh rmjas.

Irmss-omrbar prmnaits fra mgtak emra imepjax t`fk kftlmkfj prmnaits fkb lkvmjvaouljblkh lkgrfstruitura lk jass-bavajmpab omrbar frafs wlt` oakaglts t`ft fra sprafb mvarf jmkh takura fkb kmt afsy tm ifptura. Yui` prmnaits bm kmt jakb tàesajvas afsljy tm

tà TTT embaj. @akia, tàra ls f kaab tm fbaquftajy lbaktlgy fkb fkfjyza pmtaktlfjprmnaits lk mrbar tm bailba w`li` sult prlvfta lkvasteakt fkb w`li` ifk mkjy oalepjaeaktab uslkh puojli gukbs, hrfkts, ati. Fjsm, tà vlaws mg tà imuktrlas lkvmjvabmgtak blggar lk tares mg lbaktlgliftlmk mg imsts fkb oakaglts tm afi`. Lk sui` f sltuftlmk ft`lrb pfrty `mkast ormcar ls raqulrab tm rafi` f imksaksus. Glkfkilkh ls imepjliftabgurtàr slkia imsts fkb oakaglts fra kmt avakjy blstrloutab oatwaak imuktrlaspfrtlilpftlkh lk irmss-omrbar prmnaits. Rà imepjaxltlas lkvmjvab lk tà bavajmpeakt,fpprmvfj, prapfrftlmk, avfjuftlmk, lepjaeaktftlmk, efkfhaeakt, mparftlmk, fkbeflktakfkia mg irmss-omrbar prmnaits efcas tàlr glkfkilkh vary i`fjjakhlkh fkb mgtakukbmfoja wlt`mut smea gmre mg hmvarkeakt hufrfktaa.

Rà cay i`fjjakhas lk lepjaeaktlkh irmss-omrbar lkgrfstruitura prmnaits t`rmuh` tà

TTT rmuta lkijuba> (f) lkimkhruakt irmss-omrbar aimkmeli rahujftlmks oatwaak imuktrlas3

(o) jfic mg ifpltfj efrcat immrblkftlmk fkb vfrlfkia lk smvaralhk rlsc fkb rftlkh mgtà pfrtlilpftlkh imuktrlas rabuia lkvastmr axlt mptlmks gmr tà aktlra prmnait3

(i) jfic mg lktahrftlmk oatwaak rahlmkfj glkfkilfj efrcats fggaits foljlty tm prmiurajmkh-tare lkgrfstruitura glkfkia3

(b) eujtlpja iurrakiy ravakuas jafb tm ukprablitfoljlty lk lkimea fkb baot sarvliaastleftlmk3 fkb

(a) jfic mg immrblkftlmk oatwaak imuktrlas.

Rà kaab gmr eujtljftarfjs ls gurtàr strakhtàkab oy tà gfit t`ft sui` prmnaits usufjjylkvmjva imepjliftab prmnait efkfhaeakt, fkb imeearilfj fkb smvaralhk rlscefkfhaeakt, w`li` jakhtàk tà prapfrftlmk tlea fkb tlea raqulrab gmr rflslkh gukbs.Rà lkvmjvaeakt mg f tai`klifjjy imepatakt, kautrfj t`lrb pfrty `mkast ormcar fkb tàfvfljfoljlty mg imkslbarfoja imkiasslmkfj glkfkilkh fra mgtak iruilfj.

Ymea mg tà leeablfta staps t`ft imujb oa imkslbarab gmr prmemtlkh irmss-omrbarTTTs imujb oa>

(f) iraftlkh rahlmkfj gukbs fjmkh tà jlkas mg tà FYAFK Lkgrfstruitura Gukb3

(o) iraftlkh kmk-blsirlelkftmry eafsuras gmr efkfhlkh iurrakiy rlsc, a.h.,lkkmvftlva swfp lkstrueakts3

(i) iraftlkh f strmkh smvaralhk hufrfktaa eai`fklse3 fkb (b) lkirafslkh aggmrt spakt lk lbaktlgliftlmk fkb bavajmpeakt mg prmnaits tm efca

tàe ofkcfoja.

Mvar f jmkhar tare, fbbltlmkfj fkb emra sustflkfoja eafsuras ifk oa pursuab tm>

(a) astfojls` strmkh jahfj, lkstltutlmkfj, fkb rahujftmry grfeawmrc3

(g) irafta strmkh GBL pmjlilas tm suppmrt TTTs3

(h) leprmva blssaelkftlmk mg lkgmreftlmk lk mrbar tm prmemta imepatltlmk3

(`) baapak glkfkilfj efrcats3

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(l) kahmtlfta fkb prmiura kmk-blsirlelkftmry lkvasteakt prmtaitlmk traftlas gmrhraftar prlvfta lkvasteakt fkb GBL3 fkb

(n) lktahrfta kftlmkfj efrcats fkb irafta rahlmkfj omkb/aqulty efrcats, ati.

Lk tà kafr tare t`muh`, mwlkh tm tà imepjaxltlas lkvmjvab lk irmss omrbar prmnaits,tà puojli saitmr wljj kaiassfrljy imktlkua tm pjfy f bmelkfkt rmja lk glkfkilkh sui`prmnaits. @mwavar, hlvak tà slza mg tà gukblkh hfp, hmvarkeakt spakblkh wljj `fva tmoa suppjaeaktab oy prlvfta saitmr lkvasteakt. Rà TTT embaj bmas kmt jakb ltsajgafsljy tm glkfkilkh irmss-omrbar prmnaits, fs avlbakiab oy `fvlkh vary gaw suiiassstmrlas wmrjbwlba. Ràra ls f kaab gmr jfrha-sifja rahujftmry fkb jahfj ragmre lk mrbartm lkvlta strmkh prlvfta saitmr lktarast. Yui` i`fkhas ifk mkjy `fppak mvar f jmkhparlmb mg tlea fkb wlt` sustflkab rahlmkfj suppmrt fkb immparftlmk.

2.8 Lktarkftlmkfj Lkgrfstruitura Gukbs

Mvar Ymut` fkb Ymutàfst Fslf Lkvasteakt Kaabs ?464’?4?4

($ trljjlmk)

Ymuria> O`fttfi`fryfy (?46?).

Femkh tà Ymut` fkb Ymutàfst Fslfk imuktrlas, tàra fra mkjy f gaw jlca tà T_Ifkb Efjfyslf t`ft ifk glkfkia tàlr glkfkilkh kaabs lk tà bmeastli prlvfta-ifpltfjefrcats. Mtàr imuktrlas lk tà rahlmk, lkijublkh Lkblf fkb R`fljfkb, kaab tm irafta fkakfojlkh akvlrmkeakt fkb lkiaktlvas gmr fttrfitlkh prailmus gmralhk ifpltfj tm gukb tàlrlkgrfstruitura kaabs. Gmralhk lkvastmrs aktarlkh tàsa efrcats wlt` jmkh-`mjb GBLimeelteakts fra lkirafslkhjy hattlkh wafry wlt` lssuas jlca pmjliy ukiartflktlas fkb fb`mi i`fkhas lk jfws hmvarklkh lkvasteakt fkb ouslkass (gmr a.h., imfj lkvasteakt lkLkbmkaslf fkb pmwar saitmr lkvasteakt lk Lkblf), fvfljfoljlty mg irablt tm glkfkia 84%’04% mg tà prmnait imst fkb bavajmpeakt i`fjjakhas lk raspait tm jfkb fiqulsltlmk,rlh`ts mg wfy, ra`foljltftlmk fkb rasattjaeakt, fiiass fkb imkkaitlvlty, parelttlkhbajfys, fkb akvlrmkeaktfj i`fjjakhas. Efky hmvarkeakts `fva ljj-baglkab TTTpmjlilas t`ft, oaifusa mg tàlr vfhuakass, lk`lolt prlvfta pfrtlilpftlmk, w`lja ifpltfj

imktrmjs mr ukfvfljfoljlty mg gmralhk axi`fkha batar lkvastmrs w`m wmrry t`ft tày efy

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kmt oa foja tm rapftrlfta tàlr ifpltfj fkb prmglts. Xafc rahujftmry mr jahfj systaeslktakslgy tà rlsc, fkb s`fjjmw mr ljjlqulb ifpltfj efrcats imepjlifta axlt strftahlas.

Lk splta mg leprmvaeakt lk lkvasteakt, prmiuraeakt, fkb rahujftmry akvlrmkeakt, tàmostfijas fra tmm efky, iraftlkh urhakt lktarvaktlmk kaabs t`rmuh` eujtljftarfj

spmksmrab prmnait bavajmpeakt gukbs, sui` fs LkgrfIm Fslf. 9 Lk efky ifsas,lkgrfstruitura wljj oa kaabab fjmkhslba tà bavajmpeakt lt suppmrts, out tà gukblkhstrafes (puojli fkb prlvfta) t`ft imktrlouta tm tà imst wljj kmt gjmw uktlj fgtar tàbavajmpeakt ls imepjatab. _ahlmkfj bavajmpeakt gukbs ifk àjp gukb afrjy stfhabavajmpeakt fkb prmnait imkstruitlmk lkvmjvlkh eujtlpja imuktrlas, aspailfjjy wàratàra ls aimkmeli blspfrlty femkh tà pfrtlilpftlkh imuktrlas fkb tàlr rftlkhs. Lt lsaspailfjjy àjpguj wàra lt ls blggliujt tm fsiartflk oakaglts tm tà imuktrlas fkb àkiafjjmifta raspmksloljltlas.

_ahlmkfj Lkgrfstruitura Gukb (_LG) gfiljltfta tleajy fvfljfoljlty mg ifpltfj tm rahlmkfjlkgrfstruitura prmnaits w`li` bajlvar slhklglifkt oakaglts tm tà smilfj/aimkmeli hrmwt`mg tà rahlmk. _LGs ifk oa agglilakt va`lija gmr bajlvarlkh gukbs lktm jfrha rahlmkfj

lkgrfstruitura prmnaits w`li` ifkkmt oa fbaquftajy gukbab t`rmuh` trfbltlmkfj eafks mgprlvfta mr puojli gukblkh. Rày kaab tm oa tfljmrab tm tà spailgli raqulraeakts fkbprlmrltlas mg tà rahlmk lt mparftas lk caaplkh lk elkb tà prlmrltlas mg tà sflb rahlmk._LGs ifk prmva aggaitlva lk glka tuklkh prmnaits grme mutjlka prmpmsfjs tm iustmelzabsmjutlmks wlt` rmoust glkfkilfj fkb aimkmeli earlts. _LGs ifk fjsm oa struiturab fsrahlmkfj imepfklas w`li` lkvast fkb efkfha rahlmkfj saitmr-spailgli prmnaits. Efnmr Fslfk imuktrlas imujb lkvast lk tàsa imepfklas mr tà _LG ltsajg fs f glkfkilfj aktlty(gmr axfepja, tà Fslfk Lkgrfstruitura Lkvasteakt Ofkc), lkltlfjjy ft tà smvaralhk javajtm kurtura prmnait bavajmpeakt, fkb tùs irafta f pjftgmre gmr jfrhar prlvfta saitmrpfrtlilpftlmk ft f jftar stfha. Yuosaquaktjy, mkia mparftlmkfj, tà prmnait imepfklasimujb rflsa gukbs lk tà ifpltfj efrcats t`rmuh` aqulty mr lkgrfstruitura omkbs oyemkatlzlkh prablitfoja fkkulty pfyeakts. Rà sfja mg puojli s`fras t`rmuh`mut tà

rahlmk wmujb àjp baapak aqulty efrcats fkb prmvlba f kaabab mutjat gmr `musa`mjbsfvlkhs fkb lkstltutlmks“ lkvasteakt gukbs.

Rà wfy fk _LG kmrefjjy fbbs vfjua tm lkgrfstruitura glkfkilkh kaabs ls oy>

(f) oalkh f gjaxloja va`lija mr lkstrueakt prmvlblkh bavajmpeakt fkb afrjy stfhaglkfkilkh suppmrt gmr lkgrfstruitura bavajmpeakt3

(o) àjplkh aimkmelas tm gmius mk jmifj fkb irmss-omrbar prlmrltlas oy efclkhmptlefj fkb agglilakt usa mg puojli rasmurias3

(i) iraftlkh prmnait javaj lkvasteakt fttrfitlvakass gmr prlvfta saitmr pfrtlilpftlmklkgrfstruitura bavajmpeakt fkb glkfkilkh3

(b) iraftlkh lkgrfstruitura bavajmpeakt prmnaits fs f imeearilfj vaktura, oficaboy f t`mrmuh` ouslkass pjfk fkb tai`km-imeearilfj vlfoljlty, w`lja prmiurlkhimmparftlmk fkb immrblkftlmk ft tà rahlmkfj, suorahlmkfj, fkb jmifj javajs gmrlkgrfstruitura pjfkklkh fkb bajlvary3

(a) iraftlkh f rlsc eltlhftlmk struitura oy irmss-pmmjlkh smvaralhk suppmrt mg tàrahlmkfj aimkmelas3 fkb

(g) lktrmbuilkh f eai`fklse gmr smvaralhk suppmrt, trfkspfrakt gmreujftlmk mg usari`frhas, fkb tfrlgg asifjftlmk, jafblkh tm f prmkmukiab lepfit t`rmuh` rahlmkfjlkgrfstruitura gukblkh.

9

LkgrfIm Fslf Bavajmpeakt ls f bmkmr gukbab lkgrfstruitura bavajmpeakt imepfky. Lt ls f pfrt mg tàLkgrfIm hrmup gukbab oy tà Trlvfta Lkgrfstruitura Bavajmpeakt Hrmup.

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_LGs ifk `fva traeakbmus vfjua fbbltlmk lg tày ifk oaimea va`lijas gmr fttrfitlkhprlvfta rasmurias lktm sui` prmnaits. _LGs ifk oa usab tm fttrfit omrrmwlkhs grme tàpuojli fkb prlvfta saitmrs. @mwavar, gmr tà sfea tm oa pmssloja, _LGs wljj kaab tmelklelza prmnait fkb imuktarpfrty rlscs tm fiiaptfoja javajs. Rà sfea ifk oafi`lavab oy f blvarslglab pmrtgmjlm mr prmnaits, smvaralhk suppmrt fhflkst glrst jmssjlfoljlty fkb mtàr sui` eafsuras. R`ls imujb àjp fttrfit gukblkh grme BGLs,eujtljftarfjs, utljltlas, fkb blrait glkfkilkh lkstltutlmks.

Jmifj lkgrfstruitura lkvasteakt trusts (JLLR) imujb oa fkmtàr lkstrueakt gmr irmss-omrbar aqulty glkfkilkh, lkvasteakt lk jmkh-tare aqulty pmsltlmks lk jmifjutljlty imrpmrftlmks, fkb gmr rflslkh rasmurias t`rmuh` aqulty, qufsl-aqulty, fkb baotlssuas mk tà bmeastli fkb lktarkftlmkfj efrcat. Fk JLLR wmujb ouy aqulty pmsltlmks lkjmifj utljlty imepfklas grme glrst-rmukb lkvastmrs, lkijublkh lkgrfstruitura prlvfta aqultygukbs, fkb wmujb sajj lts s`fras fkb lssua omkbs tm lkstltutlmkfj lkvastmrs, lksurfkiaimepfklas, fkb pakslmk gukbs. Yui` f va`lija ifk prmvlba oakaglts mg hufrfktaas tmprmnaits lk tà fosakia mg gmrefj prmnait hufrfktaa eai`fklses fkb prmnait lksurfkia.

Rfoja 7> Yuiiassguj Lkvasteakt Gukb EmbajsFslfk Lkgrfstruitura Gukb/

FLG IfpltfjFYAFK Lkgrfstruitura Gukb LkgrfIm Fslf

• @mkh Cmkh, I`lkf bmeliljab gukbwlt` $814 eljjlmk ijmsab lk 6 Hjmofj Irmss-omrbar fkb TjfkTuaojm Tfkfef Trmnaits

Rà Easmfearlif Trmnait/Tjfk Tuaojm Tfkfef

Rà Easmfearlif Trmnait wfs mrlhlkfjjy pjfkkab fs f sat mg bavajmpeakt prmhrfes gmr

?9


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prmemtlkh rahlmkfj lktahrftlmk fkb bavajmpeakt lk tà Easmfearlifk rahlmk. 2 Jfukiàb lk Fprlj ?446, tà tàk Tjfk Tuaojm Tfkfef wfs saak fs f eat`mb tmastfojls` lkgrfstruitura fgtar @urrlifka Elti` bavfstftab tà fraf lk 6

(f) _abuitlmk lk fvarfha gralh`t trfvaj grme 0 bfys tm nust ?.?1 bfys oy ?461t`rmuh` bavajmpeakt mg oattar rmfb lkgrfstruitura

(o) _abuitlmk lk fvarfha omrbar irmsslkh tlea grme 74 elkutas tm 0 elkutast`rmuh` oattar immrblkftab iustmes prmiaburas tm rabuia fvarfha tleas

(i) _abuitlmk lk pmwar hakarftlmk imsts mg up tm ?4% oy bajlvarlkh leprmvab pmwarhrlb lkgrfstruitura fkb fk lktahrftab, rahlmkfj ajaitrlilty efrcat

(b) Lkirafsab imepatltlmk fkb oattar qufjlty bajlvary lk ormfbofkb sarvlias oybavajmplkh fk lktahrftab rahlmkfj tajaimeeukliftlmks lkgrfstruitura (MAIB

fkb XRM ?466).Rà eflk prmojae tà Easmfearlif Trmnait `fs akimuktarab wfs rajuitfkia grmesmea hmvarkeakt fhakilas tm fbmpt tà mrhfklzftlmkfj fkb lkgrfstruitura grfeawmrckaiassfry tm mparfta ft f suprfkftlmkfj javaj. Avaktufjjy, tàsa wara mvarimea fkbtà iurrakt suiiass lk fttflklkh tà rahlmkfj lktahrftlmk ifk oa fttrloutab tm> (f)avmjutlmk mg strmkh fkb `lh`-javaj pmjltlifj imeelteakt3 fkb (o) tà rli` lkstltutlmkfjkatwmrc fkb ifpfoljltlas mg tà rahlmk fkb strlkh axtarkfj suppmrt grme EBOs fkb tàprlvfta saitmr. Rà cay glkblkh wfs t`ft rahlmkfj prmnaits fra mgtak ofsab mk f kaab gmrimjjaitlva fitlmk kmt rahlstarab oy efrcats mr hmvarkeakts, w`li` ifk oa jfrhajymriàstrftab oy irabloja fkb smp`lstliftab rahlmkfj lkstltutlmks. Lk tà bavajmplkhwmrjb, `mwavar, sui` lkstltutlmks, lg tày bm axlst, takb tm oa ukbar-gukbab fkb tàlr

efkbftas jleltab tm sairatfrlfj rmjas mg lktarhmvarkeaktfj immrblkftlmk (MAIB fkbXRM ?466).

Rrfba fkb Rrfkspmrt Gfiljltftlmk lk Ymutàfst Aurmpa

Astfojlsàb lk 6 Ifepaià, I`lfpfs, Huarrarm, Mfxfif, Tuaojf,Vulktfkf _mm, Rfofsim, Warfiruz, fkb \uiftfk.

?2


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s`fra 91 omrbar irmsslkh pmlkts fkb 0 lkjfkb tarelkfjs.

Bua tm tà blslktahrftlmk mg gmrear \uhmsjfvlf lktm sefjjar imuktrlas, tàra wfs f kaabgmr lktahrftab pjfkklkh mk rahlmkfj trfkspmrt grfeawmrc tm oa bmka nmlktjy oy tàimuktrlas. Rà eflk imkiark lkltlfjjy wfs tà kaab gmr leprmvaeakt lk immparftlmk tm

eaat tà raqulraeakts gmr fiiasslmk tm tà Aurmpafk Qklmk (AQ), gmjjmwlkh w`li` twmhmfjs wara lbaktlglab>

• _abuitlmk mg kmk-tfrlgg fkb trfkspmrt imsts

• _aemvfj mg seuhhjlkh fkb imrruptlmk ft omrbars

Gmur prlefry fitlmk frafs wara lbaktlglab tm fi`lava tàsa hmfjs>

• Omrbar-irmsslkh lkgrfstruitura

• Leprmvaeakt lk iustmes prmiaburas

• Embarklzftlmk mg iustmes lkgmreftlmk systaes

Eafsuras wara i`msak tm gfiljltfta trfba oy abuiftlkh fjj stfca`mjbars lk oast prfitliasfkb eat`mbs tm leprmva jmhlstlis, trfba, fkb lktarkftlmkfj gralh`t trfkspmrt. Rà RRGYAprmhrfe ls hmvarkab oy tà _ahlmkfj Ytaarlkh Imeelttaa (_YI) w`li` imeprlsas tàiustmes fbelklstrftlmk àfbs mg tà alh`t imuktrlas, w`m eaat mk f rahujfr ofsls tmaxi`fkha lkgmreftlmk fkb vlaws fkb s`fra axparlakias. Fbbltlmkfjjy, puojli’prlvftapfrtkars`lp imeelttaas tmmc tà lkltlftlva tm raemva ofrrlars tm trfba, tàraoylkirafslkh ouslkass fkb lkvasteakt. Ràra wfs fjsm fsslstfkia lk tà frafs mgravakua imjjaitlmk, rlsc fkfjysls, fkb akgmriaeakt.

Rà Xmrjb Ofkc jakt suppmrt tm tà prmhrfeea lk tares mg omt` gukblkh fkbefkfhaeakt. Afi` imuktry lk tà prmhrfeea `fs f uklqua prmnait fpprflsfj bmiueakt(TFB) fkb raspaitlva irablt mr jmfk fhraaeakt. $87 eljjlmk wfs prmvlbab oy tà XmrjbOfkc, $9? eljjlmk oy kftlmkfj hmvarkeakts, fkb $6? eljjlmk oy QYFLB. T`fsa LL mg tàRRGYA lkijubab twm emra imuktrlas, Cmsmvm fkb Rurcay. Rà emra feoltlmus T`fsa LLfles tm fbb tm tà lkltlfj prmhrfe oy gmiuslkh mk AQ trfkspmrt imrrlbmrs, lktarembfjtrfkspmrt fkb lktarfhakiy immrblkftlmk. Rà glkfj fle mg tà prmhrfe wfs tm leprmvatrfba imepatltlvakass oy leprmvlkh tà jmhlstli sarvlias imkkaitlkh tà imuktrlas lk tàfraf, fkb tà rast mg tà wmrjb. Rà avfjuftlmks mg tà RRGYA prmhrfe s`mwab t`ft tàprmhrfe `fb oaak suiiassguj lk fi`lavlkh tà hmfjs mg rabuitlmk lk kmk-tfrlgg imsts lktà fraf fkb iraftlmk mg kaw lkgrfstruitura, fs wajj fs f rabuitlmk lk imrruptlmk fkbseuhhjlkh, fjt`muh` t`ls imujb kmt oa varlglab monaitlvajy.

Yaimkb Ytfha Ilpujfrfkh Rmjjwfy Trmnait, Lkbmkaslf

Rà 26-cljmeatar tmjj rmfb prmnait wfs imkiaptufjlzab tm rabuia trfggli imkhastlmk fjmkh

tà Tukifc rmuta fkb Turwfcfrtf fraf, tà eflk fjtarkftlva rmutas oatwaak Nfcfrtffkb Ofkbukh. Lk 6


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eflktflklkh àfjt`y ifs` gjmws. Qkbar tà ITG, f imksmrtlue mg ofkcs efba fimeelteakt tm Nfsf Efrhf tm glkfkia tà prmnait oy prmvlblkh jmfks tm fjj klkaimktrfitmrs, wlt` glxab lktarast rftas burlkh tà aktlra jmfk parlmb. R`ls wfs mk tà oficmg f hufrfktaa grme Nfsf Efrhf t`ft tà prmnait wmujb oa imepjatab fkb wmujb kmt oasuspakbab ft fky tlea burlkh tà imkstruitlmk p`fsa. Rà hufrfktaa fhraaeakt wfsgmreujftab fs f jattar mg imegmrt, w`li` wfs usab oy tà imktrfitmrs tm saac jmfks grmetà ofkcs.

Qkbar tà ITG systae, fs mppmsab tm ouljb, mparfta fkb trfksgar (OMR) mrimkvaktlmkfj prmnait glkfkilkh, tà prmnait blb kmt kaab fk lkvastmr tm glkfkia tàprmnait aqulty fkb prmnait mwkars wara kmt lk baot tm tà ofkcs t`ft prmvlbab tà jmfksburlkh tà imkstruitlmk p`fsa oaifusa tà imktrfitmrs omrrmwab tà emkay blraitjygrme tà ofkc. Rà baots wara mkjy fickmwjabhab oy tà prmnait mwkar fgtar tàprmnait wfs imepjatab fkb `fkbab mvar tm tà mwkar. Lk tà imkstruitlmk p`fsa, tàgujj raspmksloljlty mg tà baot wfs wlt` tà imktrfitmr. Fgtar prmnait imepjatlmk, tàprmnait mwkar `fb tà raspmksloljlty mg rapfylkh tà jmfks prmiurab oy tà imktrfitmrswlt`lk f iartflk parlmb fs fhraab upmk pravlmusjy oy tà mwkar fkb tà ofkcs (Fjgak at

fj ?44 (f) tm astfojls` irmss-omrbar trfkselsslmk ifpfilty

oatwaak Lkblf fkb Kapfj mg fomut 6,444 EX tm gfiljltfta ajaitrlilty trfba oatwaak tàtwm imuktrlas3 fkb (o) tm lkirafsa tà suppjy mg ajaitrlilty lk Kapfj oy tà sustflkfojalepmrt mg ft jafst 644 EX (Xmrjb Ofkc ?466, ?462).

Rà prmnait `fs t`raa imepmkakts>

(f) baslhk, imkstruitlmk, fkb mparftlmk mg twm imkkaitlkh 244 cW bmuoja ilriulttrfkselsslmk imrrlbmrs firmss tà omrbar, kfeajy (l)


29/48


Rà prmnait, w`li` `fs fjrafby fttflkab glkfkilfj ijmsura, ls iurraktjy lk tàlepjaeaktftlmk stfha. Lt wfs mrlhlkfjjy siàbujab gmr imeelsslmklkh mk 96 Baiaeoar?467 fkb ls fs mg t`ls wrltlkh rukklkh f bajfy mg 8 emkt`s.

2.< Jassmks JafrktRà ravlaw mg tà ifsa stublas mg irmss-omrbar akarhy fkb lkgrfstruitura prmnaitslkbliftas t`ft tà eflk prmojaes akimuktarab wara kmk-aimkmeli fkb prlefrljy rajftabtm rajuitfkia grme hmvarkeakt fhakilas lk fbmptlkh tà mrhfklzftlmkfj fkblkgrfstruitura grfeawmrc kaiassfry tm mparfta ft f suprfkftlmkfj javaj.

Avaktufjjy, tàsa wara mvarimea oy> (f) avmjutlmk mg strmkh fkb `lh`-javaj pmjltlifjimeelteakt3 fkb (o) strmkh lkstltutlmkfj katwmrc fkb ifpfoljltlas fkb strmkh axtarkfjsuppmrt grme EBOs fkb tà prlvfta saitmr.

Rà cay jafrklkh mutimea wfs t`ft rahlmkfj prmnaits fra mgtak ofsab mk f kaab gmrimjjaitlva fitlmk kmt rahlstarab oy efrcats mr hmvarkeakts, w`li` ifk oa jfrhajy

mriàstrftab oy irabloja fkb smp`lstliftab rahlmkfj lkstltutlmks. Lk tà bavajmplkhwmrjb, `mwavar, sui` lkstltutlmks, lg tày bm axlst, takb tm oa ukbargukbab fkb tàlrefkbftas jleltab tm sairatfrlfj rmjas mg lktarhmvarkeaktfj immrblkftlmk.

1. LBAKRLGLIFRLMK MG LKYRLRQRLMKFJ FKB_AHQJFRM_\ IMKYR_FLKRY

1.6 _ahujftmry fkb Ytftutmry Lssuas

Rà rahujftmry akvlrmkeakt mg tà rahlmk wlt` raspait tm GBL lk lkgrfstruitura ls vfstjy

blvarhakt, wlt` lkblvlbufj imuktrlas prmemtlkh blggarakt lkiaktlva struituras gmr GBL,avak w`lja tày imepata tm fttrfit gmralhk ifpltfj. @mwavar, hakarfjjy spafclkh, tà olhi`fjjakhas ifk oa lbaktlglab fkb ijfsslglab lk f gaw ormfb iftahmrlas.

Glkfkilfj lkstltutlmks gfia savarfj rahujftmry fkb lkstltutlmkfj prmojaes t`ft imkstrflktàlr pfrtlilpftlmk lk lkgrfstruitura prmnaits. _astrlitlva hmvarkeakt pmjlilas fkbrahujftmry hulbajlkas `fva gurtàr imkstrflkab tà pfrtlilpftlmk mg lksurfkia imepfklasfkb pakslmk gukbs lk lkgrfstruitura. Yaimkbjy, fk akfojlkh glsifj akvlrmkeakt ls f pra-raqulslta gmr fttrfitlkh prlvfta saitmr pjfyars tm lkàraktjy `lh` rlsc vakturas. Ràlkiaktlvas kaab tm oa trfkspfrakt, imvarab ukbar i`fkha-lk-jfw leeukltlas fkbuklgmrejy fppjlifoja, kmt mkjy ft tà tlea mg tà lkgjmw mg lkvasteakt, out fjsm wlt`raspait tm ifpltfj fkb prmglt rapftrlftlmk. Fkmtàr fraf mg imkiark ls tà rajuitfkia mg

tà smvaralhk systae lk rftlmkfjlzlkh usar i`frhas fkb iraftlkh f efrcat efclkhakvlrmkeakt, wlt` raspait tm w`li` tà `mst hmvarkeakt mgtak usas tà axlstlkhrahujftmry grfeawmrc tm lepmsa lts fhakbf fkb tùs irafta f imkgjlitab rahujftmryakvlrmkeakt, batarrlkh prlvfta saitmr lkvasteakts. Jfstjy, tàra ls suostfktlfjblsimkkait oatwaak pmjliy fkb lepjaeaktftlmk lk emst imuktrlas, efclkh tà prlvftalkvastmr mgtak pursua eujtlpja, tablmus fkb tlea imksuelkh fpprmvfj prmiassas avakwàk tà pmjliy grfeawmrc prmelsas slkhja-wlkbmw ijafrfkias fkb futmeftli rmuta gmrlkvasteakt.

Lk imkslbarftlmk mg tà fomva, tà cay frafs mg rahujftmry imkiark mr lkaggaitlvalktargfia iraftlkh lepableakts tm prlvfta saitmr pfrtlilpftlmk fkb GBL lk lkgrfstruituralk tà rahlmk fra fs gmjjmws>

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• Imeearilfj ofkcs fra lepflrab oy tà pmssloljltlas mg fssat-jlfoljlty elsefti`,axpmsura ifps, fkb strlkhakt prmvlslmklkh kmres, rastrlitlkh axpfkslmk mg ofkcjakblkh gmr lkgrfstruitura prmnaits.

• Jmkh-tare sfvlkhs lk lksurfkia fkb pakslmk gukbs fra blggliujt tm rmuta tm

lkgrfstruitura glkfkilkh fs tày fra suonait tm strlkhakt hulbajlkas wlt` raspaittm tà irablt rftlkhs mg tà gfiljltlas tày lkvast lk.

• GBL jleltftlmks lk smea imuktrlas, fkb tà lkfoljlty mg tà bavajmpar tm axlt gujjybavajmpab prmnaits oy sajjlkh tm f emra imksarvftlva out baap-pmicat utljlty-sifja prlvfta lkvastmr, imkstrflk prmnait ifpltfjlzftlmk gmr imkstruitlmk glkfkilkh.

• Trlilkh mg usar i`frhas oy f rahujftmr ls mgtak imkgjlitab fkb hmvarkab oypmjltlifj emtlvas, wlt`mut tfclkh lktm imkslbarftlmk tà rafj imst mg lkgrfstruiturasarvlias fkb tà efrcat prlilkh mg tà fssmilftab rlscs.

• Lk tà typlifj `lh` rlsc, jmw raturk lkgrfstruitura lkvasteakt embaj, `mst imuktry

rahujftlmks kaab tm parelt imeolkftlmks mg glsifj suoslby oy wfy mg axaeptlmksgrme tfxas fkb butlas, ravakua suoslblas tm suppjaeakt usar i`frhas, fkbofkcfoja irablt ak`fkiaeakt gmr jmwarlkh rlsc prlilkh‒fjj mg w`li` fra fosaktlk tà rahujftmry grfeawmrc mg emst imuktrlas.

• Lk iartflk imuktrlas, jfic mg bapt` lk tà gmralhk axi`fkha efrcat imkstrflks tàprmiuraeakt mg gmralhk iurrakiy kmt mkjy gmr rapftrlftlmk mg ifpltfj fkb prmglts,out fjsm gmr pfyeakts gmr mvarsafs ATI imsts, iraftlkh lkvastmr grustrftlmk fkbprmnait bajfys.

• Ràra fra fjsm sltuftlmks mg iaktrfj ofkcs mg imuktrlas axarilslkh futmirftlipmwars oaymkb tà axlstlkh rahujftlmks, oy uslkh blsiratlmk lk fpprmvlkh gmralhk

axi`fkha raelttfkias gmr imsts, gaas rapfyeakts, fkb rapftrlftlmk, avak wàksaitmrfj rahujftlmks bm kmt raqulra prmiuraeakt mg sui` fpprmvfjs.

• Gmr ofkcfoljlty mg irmss-omrbar prmnaits, lt ls axtraeajy iruilfj tm `fva f eujtl-pfrty prmnait lepjaeaktftlmk fhraaeakt `fvlkh pfrtlilpftlmk mg fjj `mst kftlmks,lbaktlgylkh tà rmjas, raspmksloljltlas, mojlhftlmks, fkb jlfoljltlas mg afi` `mstkftlmk, f grfeawmrc rajftlkh tm w`li` `fs stljj kmt oaak bavajmpab.

• Yavarfj imuktrlas `fva blggarakt gmres mg tfrlgg fkb kmk-tfrlgg ofrrlars, w`li`blsimurfha prlvfta lkvasteakt oy altàr lepmslkh prlia rastrlitlmks mk axpmrt mgrasmurias mr jmifjlzftlmk raqulraeakts gmr ATI fkb sarvlias.

• TTT prmnaits prmemtab lk `mst imuktry akvlrmkeakts wàra tà rahujftmry

grfeawmrc ls kmt gujjy bavajmpab pmtaktlfjjy irafta lepablkh sltuftlmks wàratà hmvarkeakt rmja ls kmt ukbarplkkab tm spailgli kmk-pargmrefkia jlfoljltlas,tà rahujftmry blsputa rasmjutlmk eai`fklse ls mgtak imkgjlitab, fkb tàhmvarkeakt pfrfstftfjs bm kmt `fva tà foljlty tm lkgusa akmuh` aqultyimeeaksurfta wlt` lts rmja lk tà prmnait.

• Rà prmvlslmk mg f tarelkftlmk pfyeakt lk tà avakt mg f imuktarpfrty bagfujt mrf pmjltlifj gmria efnaura ls vlrtufjjy kmkaxlstakt, mr hrmssjy lkfbaqufta lk tàvary gaw sltuftlmks wàra tày axlst.

Lt fjsm kaabs tm oa tfcak lktm fiimukt t`ft lk iurrakt tleas, aqulty efrcats fra kmtgfvmrfoja gmr glkfkilkh prmnaits oaifusa mg ukiartflktlas lk tà hjmofj aimkmey fkb bua

tm tà axlstlkh rahujftmry raqulraeakts fkb efrcat imkbltlmks jleltlkh axlt mptlmks,

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w`li` `lkbars aqulty lkguslmk, aspailfjjy mg tà prlvfta aqulty typa. Lk jlh`t mg t`ls, lt lsaxtraeajy iruilfj gmr tà rahlmkfj imuktrlas tm tfca f emra jloarfj vlaw lk iraftlkh fkakfojlkh GBL akvlrmkeakt fkb mpak tàlr bmmrs tm GBL grme fjj irabloja fkb sfkltlzabsmurias. Qkgmrtukftajy, emst mg tà imuktrlas lk Ymut` fkb Ymutàfst Fslf jfh oa`lkblk fjjmwlkh prlvfta saitmr pfrtlilpftlmk lk lkgrfstruitura, omt` lk tares mg bmeastli fkblktarkftlmkfj pfrtlilpftlmk.

Rfoja 8> Trlvfta Yaitmr Tfrtlilpftlmk fkb GBL _astrlitlmks lk Fslfk LkvasteaktEfrcats

(%)

Yaitmr Lkblf Lkbmkaslf Wlat Kfe R`fljfkb T`ljlpplkas

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Imeeuklty lktahrftlmk lk ?461. Rà FILF Hulbaommc , w`li` wfs puojlsàb oy tà FYAFK Yairatfrlft lk ?469, gafturas tà strakht`s fkb fbvfktfhas mg tà fhraaeaktgmr pmtaktlfj lkvastmrs.

Rà FILF bftfofsa fjjmws usars tm qulicjy safri` gmr rasarvftlmks efba oy tà

FYAFK eaeoar stftas (FEY) ukbar tà FILF. Ràsa fra rasarvftlmks eflktflkab oyeaeoar stftas mk tà saitmrs imvarab gmr jloarfjlzftlmk, kfeajy> efkugfiturlkh,fhrliujtura, glsàry, gmrastry, elklkh fkb qufrrylkh, fkb sarvlias lkilbaktfj tm tàsasaitmrs. _asarvftlmks fra eafsuras t`ft lkblvlbufj FEY eflktflk ft tà iaktrfj mrrahlmkfj javaj mg hmvarkeakt, w`li` bm kmt imkgmre tm tàlr Kftlmkfj Rrafteakt fkbYaklmr Efkfhaeakt fkb Omfrb mg Blraitmrs mojlhftlmks ukbar tà FILF. Rà KftlmkfjRrafteakt mojlhftlmk eafks t`ft lkvastmrs grme mtàr FYAFK eaeoar stftas fkb tàlrlkvasteakts wljj kmt oa blsirlelkftab vls-ä-vls tà bmeastli/jmifj lkvastmrs fkb tàlrlkvasteakts ukjass spailglab lk tàlr rasarvftlmk jlsts. Rà Yaklmr Efkfhaeakt fkbOmfrb mg Blraitmrs mojlhftlmk eafks f eaeoar stfta s`fjj kmt lepmsa fky spailglikftlmkfjlty raqulraeakt gmr saklmr efkfhaeakt pmsltlmks ukjass spailglab lk tàlrrasarvftlmk jlsts.

1.? Lkstltutlmkfj Imkstrflkts

Rà imkstrflkts gfiab oy lkstltutlmks lk glkfkilkh lkgrfstruitura prmnaits fra ft vfrlmusjavajs, oa lt ft tà rahujftmry javaj wlt` rastrlitlmks ofsab mk fssat rftlkh fkb ifpltfjfbaqufiy, mr ft tà stftutmry javaj, lk qufjlgylkh spailgli fssat ijfssas fs fbaquftajyglsifjjy lkiaktlvlzab gmr lkstltutlmkfj pfrtlilpftlmk.

Tuojli lksurfkia fkb pakslmk gukb imepfklas fra lkàraktjy vary rlsc fvarsa. Ràylkvast emstjy lk hmvarkeakt saiurltlas fkb lk puojlijy jlstab, `lh`jy rftab lkgrfstruituraimepfklas lk mrbar tm eaat tàlr efkbftab elkleue lkgrfstruitura fkb smilfj saitmrraqulraeakts rftàr t`fk gukblkh lkgrfstruitura prmnaits fs f ouslkass. Rà sfgast wfy

gmr tàsa lkstltutlmks tm pfrtlilpfta lk tà iraftlmk mg kaw lkgrfstruitura ifpfilty imujboa t`rmuh` ‚tfca-mut glkfkilkh.―1 Rà rahujftmry fut`mrltlas imujb suppmrt tà akfojlkhakvlrmkeakt oy parelttlkh tà lksurfkia fkb pakslmk gukbs tm suosirloa tm pmstimeelsslmklkh prmnaits fgtar ? mr 9 yafrs mg imeearilfj mparftlmks, `fvlkh fpprmprlftairablt ak`fkiaeakt fhflkst irablt bagfujt hufrfktaa (a.h., tà struitura imkialvab oytà LLGIJ fkb FBO lk Lkblf), fkb fk lkvasteakt hrfba irablt rftlkh lk tà jmifj efrcat.R`ls wljj jfrhajy graa up prmnait glkfkia baot rflsab grme ofkcs fkb BGLs fkb efcatàe fvfljfoja gmr suosaquakt hraakglajb prmnaits.

Rà jmw javaj mg stfkb-fjmka rftlkhs fi`lavab oy lkgrfstruitura prmnaits rastrlits tàgjmw mg gmralhk kmk-ofkc glkfkilkh lk tà baot mg tàsa aktltlas. Lk Lkblf, lt `fs mgtakoaak kmtab oy savarfj lkgrfstruitura bavajmpars t`ft tàra ls f kaab tm lktrmbuia f

sapfrfta gmreft gmr tà lkgrfstruitura rftlkh grfeawmrc, pfrtliujfrjy lk rahlmks wàraofkc glkfkilkh `fs oaak prabmelkftab wlt` axtarkfj raimursa-ofsab, imjjftarfj-oficabstruituras iraftlkh irablt ak`fkiaeakts. Rà iurrakt rftlkh grfeawmrc lk Ymut` Fslf lsormfbjy lk jlka wlt` imrpmrfta glkfkia, w`li` assaktlfjjy rftas fk aktlty fkb tàukbarjylkh fssat ijfss ofsab mk lts `lstmrli ifs` gjmw. Gmr fk lkgrfstruitura prmnaitsaaclkh tm rflsa glkfkilkh mk kmk-raimursa ofsls, tàra ls kaltàr fk axlstlkh ifs` gjmwstrafe tm ragar tm kmr f spmksmr ifs` gjmw tm ukbarplk tà rlsc mk. Lk sui` f sltuftlmk,tà ukbarjylkh fssat ijfss wljj fjwfys `fva f suo-lkvasteakt hrfba rftlkh ukbar tàiurrakt rftlkh grfeawmrc, lrraspaitlva mg tà imktrfitufj frrfkhaeakt saiurlkh tàprmnaitab ifs` gjmws grme tà prmnait. Fk lkgrfstruitura rftlkh assaktlfjjy kaabs tm

1

Rfca-mut glkfkilkh ragars tm f struiturab raglkfkilkh mg fk axlstlkh baot t`rmuh` f pra-imeelttab jmfkouymut oy fkmtàr jakbar upmk fttflkeakt mg iartflk pra-fhraab eljastmkas.

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fssass imktrfit prmvlslmks, akgmriafoljlty, fbaqufiy, fkb ofkcfoljlty tm batarelka tàprablitfoljlty mg prmnait ifs` gjmws fkb fiimrblkhjy rfta tà ukbarjylkh glkfkilfj prmbuitmk fk lkgrfstruitura rftlkh sifja.

Lk Ymut` Fslf, tà sjmw pfia mg ragmres fkb avmjutlmk mg tà imeearilfj baot ifpltfj

efrcats `fva fjsm oaak lepableakts gmr lkgrfstruitura imepfklas lk sajjlkh struiturabsmjutlmks lk tà jlstab saiurltlas efrcat. Jlqulblty gmr baot `fs oaimea gurtàrimkstrflkab wlt` tà lktrmbuitlmk mg emra strlkhakt imepjlfkia, ifpltfj fbaqufiy, fkbprmvlslmklkh kmres gmr imeearilfj ofkcs, w`li` afrjlar usab tm oa tà jfrhast prmvlbarmg prmnait glkfkia gfiljltlas gmr lkgrfstruitura prmnaits lk tà rahlmk.

Lk Lkblf, w`li` `fs kafrjy 74% mg tà tmtfj lkgrfstruitura glkfkilkh kaabs mg Ymut` fkbYmutàfst Fslf, lt ls oalkh lkirafslkhjy gajt t`ft tmhatàr wlt` ragmres tm lksurfkia fkbpakslmk saitmr fssat fjjmiftlmk fkb tà irablt rftlkh grfeawmrc, tàra ls fjsm fk urhaktkaab tm fbb bapt` fkb jlqulblty lk tà baot ifpltfj efrcats oy lktrmbuilkh baap pmicat,ofjfkia sàat oficab efrcat efclkh, w`li` ifk prmvlba imst aggaitlva axlts tmlkvastmrs lk baot lkstrueakts fkb barlvftlvas oagmra tà gujj tare mg tà ukbarjylkh

fssats. R`ls, wlt` fk monaitlva irablt rftlkh, wljj hm f jmkh wfy tm fttrfitlkh ratflj fkb`musa`mjb sfvlkhs lk tàsa glkfkilfj prmbuits.

Mka wfy tm gfiljltfta baot ifpltfj efrcat lkvasteakt oy tà ratflj fkb `musa`mjb saitmrslk tà afrjy bfys imujb oa tm mggar glsifj lkiaktlvas tm sui` lkvasteakts lk tà gmre mgtfx raoftas mr tfx irablts, fs `fs oaak bmka lk Lkblf. Rà rasujt mg t`ls `fs oaak qultawajj mosarvab lk tà prmnait glkfkia lkstltutlmks“ trfic raimrbs lk fttrfitlkh suostfktlfjratflj fkb `musa`mjb lkvasteakts lk tàlr tfx graa omkbs, w`li` mgtak mggar rftas fjemstimepfrfoja tm mr sjlh`tjy `lhàr t`fk tlea bapmslt lktarast rftas mg imeearilfj ofkcs. Fbbltlmkfjjy, f jmt mg tàsa lkgrfstruitura omkbs `fva baglkab rapuri`fsa mptlmks, w`li`prmvlba tà lkvastmrs wlt` f vlsloljlty tm afrjy axlt, wlt`mut wfltlkh gmr tà gujj tare mg tàomkb.

R`ls fjsm orlkhs mut tà lssua mg baslhklkh struiturab prmbuits gmr tà efrcat, w`li` lsjfrhajy fk lkvasteakt ofkclkh rmja. Xlt` Fslfk ofkcs oalkh emstjy gmiusab mk gukb-ofsab ouslkassas, lkvasteakt ofkclkh ls imkgjlitab lk tàlr fttaept tm sajj tàlr mwkirablt prmbuits, wlt` vary jlttja aggmrt ft axpjmrlkh pmssloljltlas tm irafta efrcat grlakbjyirablt smjutlmks gmr prmnait glkfkia.

Fs `fs oaak s`mwk lk f raiakt Ytfkbfrb I`frtarab Ofkc stuby, gaa-ofsab lkimeaimkstltutas jass t`fk mka-t`lrb mg tà tmtfj lkimea mg imeearilfj ofkcs lk Fslf, fsimepfrab tm kafrjy 84% lk tà bavajmpab efrcats mg tà Xast. Mut mg t`ls, f jfrhaimepmkakt mg gaa lkimea ls ommcab oy trafsury, fkb oy imjjaitlkh pfrt mg tà gukbofsab lkimea upgrmkt lk tà gmre mg prmiasslkh i`frhas. Efrcat lktareablfrlas, jlcaifpltfj efrcat fbvlsmrs fkb lkvasteakt ofkcs, kaab tm irafta emra pakatrftlva

smjutlmks gmr fttrfitlkh prlvfta ratflj fkb `musa`mjb lkvasteakt lk lkgrfstruitura t`rmuh`tà prmemtlmk mg irablt prmbuits oy uslkh irablt ak`fkiaeakt fkb tfca-mut mptlmks.

Fkmtàr fraf t`ft raqulras strmkh lkstltutlmkfj lktarvaktlmk ls iraftlkh àbhlkh smjutlmksfhflkst lktarast fkb iurrakiy rajftab rlscs. Gmralhk axi`fkha àbhlkh ls kmt fvfljfojagmr jmkh takuras, aspailfjjy gmr f parlmb mg emra t`fk 0 yafrs, fkb avak lgfvfljfoja, fttrfits `lh` praelues. Jlcawlsa, tà lkàrakt fssat jlfoljlty elsefti` mgofkcs frlslkh mut mg jmkh-tare bapjmyeakt mg gukbs, iraftas lktarast rfta rlsc gmrprmnaits omrrmwlkh mk gjmftlkh rftas. Qkjass tàra ls f glsifj prmvlslmk tm oficstmp sui`gmralhk axi`fkha fkb lktarast rfta vfrlftlmks, mr f prmvlslmk mg pfss-t`rmuh` lk usari`frhas, jmkh hastftlmk lkgrfstruitura prmnaits efy mgtak oaimea ukvlfoja lk sltuftlmksmg `lh` vmjftljlty lk lktarast fkb iurrakiy efrcats. Mka aggaitlva wfy mg oficstmpplkhtà iurrakiy rlsc imujb oa t`rmuh` fk aggaitlva iaktrfj ofkc lktarvaktlmk akfojlkh

gmralhk ofkcs fkb AIFs tm jakb lk jmifj iurrakiy grme tàlr mvarsafs rasmurias. Rà

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_asarva Ofkc mg Lkblf `fs tfcak staps lk t`ls rahfrb t`rmuh` blsiusslmks wlt` tà NOLIfkb NLIF tm prmvlba iurrakiy àbhlkh tm Nfpfkasa ofkcs wljjlkh tm jakb tm Lkblfk TTTprmnaits, gfiljltftlkh prmnait javaj prmiuraeakt mg jmkh-tare gmralhk iurrakiy jmfks ft fsefjj efrc-up tm mgglilfj Nfpfkasa lktarast rftas.

TTT fhraaeakts fra mgtak pmmrjy struiturab fkb brfgtab bua tm f jfic mg scljjs mraxparlakia lk hmvarkeakt bapfrteakts. Fbbltlmkfjjy, lkvastmrs kaab tm hufrb fhflksttà pmssloljlty mg imktlkulkh pmjltlifj, jahfj, fkb rahujftmry ukiartflkty wlt` raspait tmgmralhk mwkars`lp rastrlitlmks, ifpltfj imktrmjs, fkb pfrtkars`lp tares. Fgtar tà 6


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Glkfjjy, fk fraf mg lkstltutlmkfj ragmre t`ft raqulras blrait smvaralhk javaj suppmrtrajftas tm tà prmvlslmklkh mg irablt ak`fkiaeakt. Emst `mst imuktry hmvarkeakts lkYmut` fkb Ymutàfst Fslf bm kmt suosirloa tm tà vlaw t`ft lkgrfstruitura prmnaits kaabsmvaralhk suppmrt lk tà gmre mg bagfujt hufrfktaas, avak w`lja pfrtlfjjy raimhklzlkhtà raqulraeakt gmr glsifj lkiaktlvas. Imuktrlas jlca Lkblf bm kmt avak parelt eujtljftarfjlkstltutlmks jlca ELHF tm prmvlba pmjltlifj rlsc imvar, lk tàlr imkvlitlmk t`ft tà jmifjpmjltlifj rlsc ls ofkcfoja mk f stfkb-fjmka ofsls, fkb bmas kmt raqulra fky eltlhftlmk.X`ft kaabs tm oa rafjlzab oy savarfj `mst imuktry hmvarkeakts lk tà rahlmk ls t`fti`fkha lk jfw ls f iruilfj imepmkakt mg pmjltlifj rlsc fkb wlt` emst jmifj hmvarkeaktsoalkh lkijlkab tm tfca pmjltlifjjy emtlvftab, fb `mi pmpujlst bailslmks burlkh tàlrrahlea, w`li` `frbjy avar `fva jmkh tare aimkmeli earlt, lt ls axtraeajy lepmrtfkt gmrprmnait bavajmpars tm `fva raimursa ukbar smvaralhk hufrfktaa tm tarelkfta f prmnaitfkb axlt oy raimvarlkh f tarelkftlmk pfyeakt lg sui` i`fkhas oaimea uktakfoja gmrprmnait mwkars`lp, imkstruitlmk fkb/mr mparftlmk. Ràra fjsm kaabs tm oa f rafjlzftlmkt`ft slkia savarfj pfrfstftfjs fkb stfta-mwkab aktltlas fra irablt baglilakt fkbimkstrflkab mg jlqulblty tm axaiuta f ofkcfoja imuktarpfrty imktrfit wlt` prmnait

imepfklas, tàra ls f baap raqulraeakt gmr ragmrelkh tàsa imuktarpfrtlas fkbprmvlblkh imktrfit bagfujt hufrfktaas ft tà smvaralhk javaj uktlj tà struiturfj ragmresrakbar lkbapakbakt imktrfitufj ofkcfoljlty.

7. LKG_FYR_QIRQ_A GLKFKILKH G_FEAXM_C>TMJLI\ T_MTMYFJY RM AFYA IMKYR_FLKRY

Rà ormfb pmjliy lkltlftlvas w`li` fra iruilfj gmr gfiljltftlkh lkgrfstruitura glkfkilkh lktà rahlmk `fva oaak blsiussab lk batflj lk tà afrjlar saitlmks fkb ifk oa sueefrlzabfs oajmw>

(f) Irafta pmjliy akfojars gmr lksurfkia fkb pakslmk gukbs tm jakb lk baotraglkfkilkh mg pmst-imkstruitlmk lkgrfstruitura prmnaits

(o) Jloarfta GBL jlelts lk kmk-strftahli lkgrfstruitura ouslkassas tm irafta f jfrharlkvasteakt pmmj

(i) Gfiljltfta tà pmjliy akvlrmkeakt gmr ofkc glkfkilkh mg prmemtar ouymut mgglkfkilfj lkvastmrs lk prmgltfoja mparftlmkfj prmnaits

(b) Qkbartfca saitmr ragmres tm javy efrcat-batarelkab usar i`frhas, lkbaxftlmk,fkb pfss t`rmuh` prmvlslmks wlt`mut oalkh imkgjlitab fkb hmvarkab oy pmjltlifjimepujslmks

(a) Tarelt wajj blraitab glsifj fkb ravakua suoslblas tm rabuia prmnait pfyofic fkbfttrfit lkvasteakt

(g) Trmiura eafsuras gmr baot efrcat ragmres oy lkiaktlvlzlkh efrcat efclkh lkbaot saiurltlas

(h) Irafta pmjliy lktarvaktlmks tm prmvlba smvaralhk javaj suppmrt gmr eltlhftlkhiurrakiy fkb lktarast rfta rlscs

(`) Akimurfha rftlkh lkstltutlmks gmr iraftlkh fk lkgrfstruitura rftlkh grfeawmrc,akfojlkh wajj-struiturab prmnaits wlt` ofkcfoja imktrfits tm fiiass gukbs lkbaot ifpltfj efrcats

(l) Trmemta fk akvlrmkeakt mg trfkspfrakt bmiueaktftlmk, prmnait fjjmiftlmk, fkb

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fiiaptfoljlty mg sui` prmnaits femkh prlvfta saitmr imuktarpfrtlas fs wajj fs prmemtaimepatltlmk fkb leprmva rahujftmry grfeawmrcs t`ft prmtait puojli lktarasts.

7.6 Jmfk Hufrfktaa Eai`fklses

Irablt hufrfktaa ls fk lkàrakt kaab mg lkgrfstruitura prmnaits, pfrtliujfrjy t`msa wlt``lh` axaiutlmk, pfyeakt, fkb parialvab pmjltlifj rlscs. X`lja tà imkstruitlmk fkbmparftlmkfj rlscs ifk oa jfrhajy oficstmppab t`rmuh` hufrfktaas grme rajavfkt prmnaitstfca`mjbars, smvaralhk aktlty pargmrefkia lepfitlkh prmnait axaiutlmk (gmr axfepja,bajfys lk jfkb fiqulsltlmk lk f TTT, akvlrmkeaktfj ijafrfkia, ratrmspaitlva jahfji`fkhas, ati.) ravakua fkb rajftab gmria efnaura avakts kaab irablt bagfujt oficstmps.Avak lg smea mg tà `mst imuktry hmvarkeakts fra wljjlkh tm mggar smvaralhk hufrfktaas,tàlr glkfkilfj ifpfilty tm bajlvar mk sui` imeelteakts ls lk bmuot fkb mgtak uktakfojafs f saiurlty oficstmp. Fbbltlmkfjjy, tàra ls f strmkh baefkb gmr hufrfktaas fhflkstorafi` mg imktrfit oy suo-smvaralhk fut`mrltlas. X`lja FBO fkb ELHF jfrhajy pargmret`ls gukitlmk lk Fslf t`rmuh` tàlr pfrtlfj rlsc hufrfktaa prmhrfes, tà kaab gmr f

spailfjlzab hufrfktaa lkstltutlmk ls wajj gajt lk tà rahlmk.Lk t`ls imktaxt, HufrfktIm, f hufrfktaa gukb prmemtab oy tà bmkmr fhakilas mg gmur FFF-rftab Aurmpafk hmvarkeakts, `fs oaak rafsmkfojy fitlva lk tà Fslfk efrcats,mggarlkh hufrfktaas fhflkst irablt bagfujt rlscs (gujj mr pfrtlfj) fkb pmjltlifj rlscs tmlkgrfstruitura prmnaits lk jmwar lkimea imuktrlas (Glhura 7). HufrfktIm `fs f tmtfjimeelttab aqulty mg $944 eljjlmk, wlt` spmksmr suppmrt gmr ifjjfoja aqulty, fkb ifkaxtakb hufrfktaas lk axiass mg $6.1 oljjlmk.

Glhura 7> Rà HufrfktIm Embaj

Ymuria> Glkkfija Ifpltfj _asafri`.

@mwavar, HufrfktIm mkjy hufrfktaas jmifj iurrakiy jmfks fkb omkbs. R`ls efcas tàaggaitlva imst mg omrrmwlkh lk tà hufrfktaab struitura `lh` fs tà oast prlia t`ft jmifjbaot efrcats ifk mggar wljj oa tàlr jmifj imst mg gukbs, lrraspaitlva mg tà rftlkh mg tàstruiturab mojlhftlmk oalkh suparlmr tm avak tà smvaralhk rftlkh mg emst `mst imuktrlas.Oaifusa Fslfk lktarast rftas fra `lhàr t`fk Aurmpa“s, tà aggaitlva imst tm tàomrrmwar, fgtar lkijublkh tà hufrfktaa praelue, oaimeas eui` `lhàr lk raspait mgtà prmnait“s lktarkfj rfta mg raturk (L__). Fjsm, f kueoar mg bmeastli baot efrcats fkbofkcs lk Ymut` fkb Ymutàfst Fslf bm kmt `fva tà bapt` mr ofjfkia sàat tm fssueajfrha slkhja mojlhmr jlelts, efclkh jmifj iurrakiy omrrmwlkh vary blggliujt lk splta mg tà

HufrfktIm hufrfktaa.

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Fslf kaabs tm `fva lts mwk varslmk mg HufrfktIm wlt` tà vfrlftlmk t`ft tà hufrfktaas`mujb oa fppjlifoja tm gmralhk iurrakiy omrrmwlkh. @mwavar, lk mrbar gmr sui` fkaktlty tm oa ofkcfoja, tà spmksmr prmglja wljj oa iruilfj fs‒ukjlca lk tà ifsa mgHufrfktIm‒FFF smvaralhk spmksmrs fra kmk-axlstakt lk Ymut` fkb Ymutàfst Fslf,w`li` efy kaiassltfta kmt mkjy f `lh` ifpltfjlzftlmk gmr motflklkh strmkh lkvasteakthrfba rftlkh, out fjsm lkimrpmrftlmk mg oficstmp eai`fklses t`rmuh` f jfrharralksurfkia aktlty fs ifjjfoja i

Investment Finance and Financial Sector Development

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