5. Eligibility of partner institutions.- (1) The Indian Financial Institutions desiring to become partner institution of EEC for any of its facilities under ECIIP, in order to seek loans and equity participation from EEC in industrial and financial ventures promoted by them would be required to be approved in this behalf by the Government of India. (2) It would be possible for the European Economic Community to enter into any number of memoranda of understanding with partner institution among banks, financial institutions, the State Industrial Development Corporations and the State Finance Corporations under the ECIIP Scheme. Once the memorandum of understanding/framework agreement is lodged with the Government of India and accepted, suitable modification to this Scheme would be announced accordingly. | 
