5 14 New section substituted for section 16 of Cap. 24:14 Section 16 (“Purposes of Bank”) of the principal Act is repealed and the following is substituted— 16 Objectives of Bank “The objectives of the Bank shall be— (a) to promote economic development and growth, and to improve the living standards of Zimbabweans, through the development of infrastructure including, but not limited to, roads, dams, water reticulation, housing, sewerage, technology, amenities and utilities; (b) to develop institutional capacity in undertakings and enterprises of all kinds in Zimbabwe; (c) to support development projects and programmes in all sectors of the Zimbabwean economy; through all or any of the following means— (i) providing capital for the expansion or modernisation of existing infrastructure, undertakings and enterprises or the creation or development of new infrastructure, undertakings and enterprises; (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.”. 15 Amendment of section 17 of Cap. 24:14 Section 17 (“Powers of Bank”) of the principal Act is amended in subsection (1)— (a) in paragraph (a) by the deletion of “undertaking” and the substitution of “infrastructure, undertaking or enterprise”; (b) by the insertion after paragraph (a1) of the following paragraph— “(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;” (c) in paragraph (c) by the insertion after “moneys” of “, whether in Zimbabwean or any other currency”. 16 Amendment of section 20 of Cap. 24:14 Section 20 (“Financing of projects by Bank”) of the principal Act is amended by the repeal of subsections (1) and (2). 17 Amendment of section 21 of Cap. 24:14 Section 21 (“Procedure and requirements for financing by Bank”) of the principal Act is amended by the repeal of subsection (1) and the substitution of— “(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