Newly created project type not available in the list of values while creating new project template

Summary:

A new set id was created and associated to a new project unit. The project unit was then assigned to existing Business Units.

New project types were created using the new set id.

On trying to create a new project template, we could select the Business Unit assigned to the Project Unit, the new Project Unit, Project owning organization and the legal entity.

But when trying to assign the new project type to the project template, the said template is missing from the list. We have run 'Manage Project Organization' process as well as the LDAP process to update other details if needed.