Article 4
Selection procedure Applications shall be sent to the Commission through a network of financial intermediaries comprising institutions specializing in investment financing, to be set up after a call for expressions of interest published in the Official Journal of the European Communities. The Commission shall check the eligibility of the applications in the light of the programme objectives, in particular the employment effect. To allow the initiative referred to in Article 1 to become operational as soon as possible, recourse shall be had initially to the network of financial intermediaries of the JOP programme (6) and the JOP Technical Assistance Unit, which is specialized in monitoring projects. A maximum of 5 % of the budget shall be reserved to cover the external management costs of the initiative. Done at Brussels, 5 November 1997. For the Commission Christos PAPOUTSIS Member of the Commission (1) OJ L 6, 10. 1. 1997, p. 25. (2) COM(96) 329 final. (3) OJ C 56, 24. 2. 1997, p. 7. (4) OJ C 18, 17. 1. 1997, p. 1. (5) OJ C 166, 10. 6. 1996, p. 238. (6) OJ C 46, 22. 2. 1991, p. 11.