Every investment decision involves an assessment of the economic, social, environmental and other types of project performance. The question of performance parameters and preferred risk assessment criteria is therefore sought to be answered. Often the dilemma is: less risk or more profit/efficiency, as well as other similar. Typically, projects applying for funding have to meet certain minimum requirements on given parameters. These parameters take into account the economic, productive, social, environmental and even political situation in each case. Funding is limited and it is not always possible to fund all projects that meet these minimum requirements. There is therefore a need for objective methods to assess which and how many of these projects should be funded. Most of the complex and responsible decision-making tasks are multi-criteria. The problem with multi-criteria selection from multiple alternatives (solution options) is that the best of them on one criterion generally turn out to be poor on other criteria. The choice of a method for solving a particular optimization problem and of a strategy for managing the optimization process are tied to the specific features of the problem and the capabilities of existing optimization methods. In this paper, a multicriteria integer linear optimization model is proposed in which the different private optimization criteria are the different items that a project must satisfy. The objective is to find all Pareto optimal solutions. The choice of one of these Pareto optimal solutions is largely subjective and based on the expertise of the specialist. Thus, the proposed approach would be useful in the practice of project evaluators.