Article 4

with regard to the Investment Facility, approve:

1. (i)

   the operational guidelines and proposals for their revision;

2. (ii)

   the investment strategies and business plans, in accordance with point (b) of Article 13(2) of the Council Regulation (EC) No 617/2007 of 14 May 2007 on the implementation of the 10th European Development Fund under the ACP-EC Partnership Agreement^f1 (the Implementing Regulation);

3. (iii)

   the annual reports, including the financial statements;

4. (iv)

   any general policy document, including evaluation reports;

deliver an opinion on:

1. (i)

   proposals to grant an interest subsidy, in accordance with point (a) of Article 13(3) of the Implementing Regulation;

2. (ii)

   proposals related to projects for which the Commission has rendered a negative opinion;

3. (iii)

   any other proposal based on the general principles defined in the operational guidelines.

the description of the project and its relevance to the country development strategy as presented in the country strategy papers;

the development objective which the project is intended to achieve, including the sustainability of the measures planned;

the general organisation of, and the justification for, the project;

the project’s costs, method of financing and risks involved, as well as, when relevant, the risk mitigation measures the Bank intends to apply;

the project’s local, national and regional impact, based on the provisions of the ACP-EC Partnership Agreement, including on the environment;

the agreement or opinion of the Commission, as specified in Article 13(5) of the Implementing Regulation.