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Objective: The aim of this article is to analyze the factual effectiveness of investments realized with EU funds. The case study of a project implemented in the years 2004 - 2014 in Lower Silesia is analyzed. Methodology: The article analyzes the effectiveness principles included in the feasibility study of a given project, and conducts in-depth studies on actual performance, implying a macroeconomic situation. Using the comparative analysis it has identified deviations, their magnitude and source of origin. Resul...