The sentence is discussing whether the establishment of the $10 billion fund will result in real, measurable effects. The verb "translate" in this context is often followed by a preposition that connects it to the outcome or effect it leads to - here, that is "impactful action." The preposition must therefore indicate transformation or conversion into results.
Option (a): Grammatically correct and contextually perfect. The standard and appropriate construction is "translate into" when describing transformation or conversion of one thing into another. In this sentence, "translate into impactful action" clearly conveys the meaning of hopes being turned into actual results. This option is correct.
Option (b): Grammatically incorrect in this construction. "Translate on impactful action" is not standard usage and creates an awkward, unclear meaning. Contextually, "on" would typically indicate a topic or subject, not a transformation into something. This option is incorrect.
Option (c): Grammatically incorrect here. "Translate by impactful action" implies that something is being translated through the means of impactful action, which reverses the intended logic. It misrepresents the cause-effect direction in the sentence. This option is incorrect.
Option (d): Grammatically and contextually wrong. "Translate too impactful action" is not a proper prepositional phrase. "Too" is an adverb meaning "also" or "excessively," and does not function as a linking preposition here. This option is incorrect.
Option (e): Grammatically unsuitable. "Translate of impactful action" is not idiomatic or syntactically valid. "Of" typically shows possession or origin, which does not apply in this transformation context. This option is incorrect.
Hence, option (a) is the answer.