(1) The Minister shall, on receipt of an application under section 40, submit to the Director of Finance that application for an evaluation —
(a) to determine whether —
(i) the loan guarantee is the most appropriate mechanism for achieving the public purpose or the specific public policy objective,
(ii) the borrower has the ability to repay the loan obligations and fulfil all payment and other obligations under the loan and under the guarantee and related agreements,
(iii) the terms and conditions of the loan to be guaranteed are consistent with the debt management objectives and the approved Strategy,
(iv) the borrower is in compliance with the prescribed fiduciary and corporate governance requirements established by the Minister.
(2) The Director of Finance shall, on receipt of an application under section 40, cause the Unit to perform a credit risk analysis of the proposed Government guarantee.