INFRASTRUCTURE DEVELOPMENT BANK OF ZIMBABWE ACT (ii) mobilising internal and external resources from the public and private sectors; (iii) facilitating the participation of the private sector and community organisations in development projects and programmes; (iv) appraising, planning and monitoring the implementation of development projects and programmes; (v) providing technical assistance with regard to the identification, preparation, evaluation, financing, implementation and management of development projects and programmes; whether by itself or in co-operation with international, regional or national organisations or bodies. 24 (e) (f) (g) (h) ble or immovable which may become vested in the Bank; the payment of such dividends as the Board may approve; such capital expenditure as the Board may authorize; such contributions to charitable or benevolent organizations as the Board may authorize; all other expenses necessary for or incidental to the business of the Bank in terms of this Act. 20 Financing of projects by bank (1) {Repealed] .28 (2) {Repealed] (3) The Bank shall finance only those projects which are economically viable, technically feasible and are likely to yield a financially acceptable return on its investment. (4) The Bank shall maintain a minimum holding of liquid assets as set out in subsection (6) which shall not be less than ten per centum of its liabilities to the public at the end of each calendar month. (5) The Bank shall maintain the minimum holding of liquid assets referred to in subsection (4) at the close of each day of the calendar month following that in which a statement is required to be submitted to the Minister in terms of subsection (4) of section twenty-nine. (6) For the purposes of computing the amount of the minimum holding of liquid assets referred to in subsection (4) the following shall qualify— (a) notes and coins in the currency of Zimbabwe; (b) balances at the Reserve Bank of Zimbabwe; (c) balances at any registered commercial bank and any registered accepting house in Zimbabwe; (d) money at call with a registered accepting house or registered discount house; (e) bills of exchange accepted and payable at any place in Zimbabwe and which have been accepted or endorsed by a registered commercial bank or accepting house; (f) local registered securities which— (i) are issued or guaranteed by the State or issued by a municipality; and (ii) have a final maturity date of not more than six years; (g) money deposited with the Treasury. 17 Powers of Bank (1) For the purpose of achieving its objectives the Bank shall have power— (a) to lend or advance money to any person or organization proposing to establish or expand or modernize any infrastructure, undertaking or enterprise25 in any sector of the economy; (a1) to invest in development projects in all sectors of the economy; (a2) to lend or advance money on the security of a mortgage or hypothecation to enable or facilitate the construction of housing, buildings and other infrastructure;26 (b) to guarantee where necessary an undertaking given in relation to the financing of development projects; (c) to raise loans or borrow moneys, whether in Zimbabwe or any other country27, subject to such limits as may be prescribed in shareholders regulations made in terms of section twenty-eight: Provided that the approval of the Minister shall be required where such loans or moneys are to be guaranteed by the State; and (d) to seek other specialized credit facilities including Euro-dollar credits. (2) Subject to this Act, the Bank shall, for the better exercise of its functions, have power to do or cause to be done, either by itself or through its agents, all or any of the things specified in the Schedule, either absolutely or conditionally and either solely or jointly with others. 21 Procedure and requirements for financing by Bank (1) The Board shall not provide finance for any undertaking, enterprise, project or programme unless the Board has first considered— (a) a written proposal or prospectus relating to the undertaking, enterprise, project or programme; and (b) the chief executive officer’s comments on the undertaking, enterprise, project or programme and on the desirability or otherwise of the Bank providing finance for it; and (c) the extent and value of any security provided or offered by or on behalf of the beneficiary of the finance.29 (2) The terms and conditions of any loan granted by the Bank shall— (a) be contained in a written agreement or other document, as the case may be, to be signed by the beneficiary or his duly authorized representative; (b) in the case of a loan, include provision— (i) for repayment of principal and payment of interest, commitment fee and other charges; and 18 Funds of Bank The funds of the Bank shall consist of— (a) such sums of money as may be received by the Bank in terms of Part III; (b) such sums of money as the Bank may acquire by virtue of grants or raise by means of loans; (c) such sums of money as may be appropriated to the Bank by Act of Parliament; (d) such other sums of moneys as may accrue to the Bank in the course of its business. 19 Application of funds The funds of the Bank shall be applied towards— (a) the payment of salaries, fees, remuneration, allowances and expenses due and payable to the directors and the employees of the Bank; (b) the repayment of sums raised by way of loan by the Bank and the payment of interest thereon; (c) providing finance in accordance with this Act; (d) the payment of rates, taxes, insurance premiums and other outgoings including the expenses of maintenance of buildings and other property whether mova24 March, 2006 . 5 [Chapter 24:14]