Annual Investment Plan and Budget. 1. The Recipient shall, by not later than four (4) months after the Effective Date, and thereafter on an annual basis, prepare and furnish to the Association an annual investment plan and budget (“Annual Investment Plan”) for the Project for the subsequent year, said Annual Investment Plan of such scope and detail as the Association shall have reasonably requested.
2. The Recipient shall afford the Association a reasonable opportunity to review such Annual Investment Plan, and, thereafter, the Recipient shall carry out the Annual Investment Plan as shall have been approved by the Association. Only the activities included in the Annual Investment Plan shall be eligible for financing.
3. The Annual Investment Plan may be revised by the Recipient as required during Project implementation subject to the Association’s prior written approval.
Annual Investment Plan and Budget. 1. The Recipient shall, by not later than four (4) months after the Effective Date, prepare and furnish to the Association an annual investment plan and budget (“Annual Investment Plan”) for the Project for the subsequent year, said Annual Investment Plan of such scope and detail as the Association shall have reasonably requested.
2. The Recipient shall afford the Association a reasonable opportunity to review such Annual Investment Plan, and, thereafter, the Recipient shall carry out the Annual Investment Plan as shall have been approved by the Association. Only the activities included in the Annual Investment Plan shall be eligible for financing.
3. The Annual Investment Plan may be revised by the Recipient as required during Project implementation subject to the Association’s prior written approval.
