Custom role created with 'View Project' privilage is not able to see any projects- why?

Summary:

A custom role was created with following privileges:

Following privileges were checked under data security policy:

Manage Project Capital Asset; Manage Project Expenditure Item; Review Project Capital Interest Transaction; Run Create Accounting Process; Run Project Accounting Period Close Exceptions Report; View Project Capital Asset; View Project Commitment Transactions Data; View Project Expenditure Item; Manage Project Accounting Period Status;

User to whom the custom role was assigned, was provided with appropriate data access (Business Unit).

But on trying to search projects in the 'Project Financial Management' work area, nothing is visible. Why?

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