To set up such an access, firstly you would have to create a new Permission rather than editing an existing one. In this new permission, make sure you enable only functionalities under the Project section. These functions should be enabled only under the View option, hence making sure the user only has a view access. Next, we have to make sure that none of the Rate or Expense related options are enabled. Finally, enable only Project and Project hours related reports in the permission. When done, save the permission settings. Enable this new permission in the profile of the user who requires the access. I would suggest that you set yourself (Admin) as the substitute user of the above said user, switch over to the users page and check the visibility the user has in Projects and Reports. If required, you can make changes to the permission and reports.