Functions of the Fund

(1) The Fund shall, subject to the availability of resources, approve projects and programmes and provide, either wholly or partially, financial and technical assistance to community groups with development goals, and local government organizations, for the execution of such projects or programmes which will serve to provide basic services to the most severely affected groups in the country. Fund. (2) In approving a project or programme under subsection (1) of this section, the Board shall have regard to all relevant matters, including the following, 8 (a) the financial aspect of the proposed project or programme; (b) whether the proposed project or programme can be undertaken expeditiously; (c) the time required for the completion of the proposed project or programme; (d) whether the proposed project or programme has the capacity to demonstrate technical, environmental, institutional and economic viability according to established project approval criteria; (e) whether the proposed project or programme is in the geographic or sectoral priority areas identified for poverty alleviation; (f) the operating costs in relation to the proposed project or programme; and (g) whether the applicant is an organization or other group of persons that falls within the geographic areas for poverty alleviation. (3) The Board shall have the power to approve, (i) the procedures and criteria for project and programme selection, and the projects and programmes submitted for its consideration in accordance therewith; (ii) the policies regarding the management of projects, programmes and activities, and financial and its tendering, 9 procurement and disbursement procedures; (iii) the budget; and (iv) the rules prescribing the procedures of, including the quorum for, the meetings of the Fund, and the manner in which it will transact its business.