13 (c) petroleum, inflammable materials, hazardous cargoes and oil fuels, except in such quantities and on such terms and conditions as may be permitted by the Authority. 40 Import and export licensing (1) Licensed investors shall not be required to obtain a licence or permit under the Control of Goods Act [Chapter 14:05] for— (a) the import of any goods into an export processing zone from a country outside Zimbabwe; or (b) the export of any goods from an export processing zone to a country outside Zimbabwe. (2) The export of goods from an export processing zone to the customs territory shall, save as otherwise provided by this Act, be subject to the same requirements in regard to the obtaining of licences or permits under the Control of Goods Act [Chapter 14:05] as apply to goods imported from other countries outside Zimbabwe. PART VI BANKING AND INSURANCE SERVICES 41 Banking activities (1) Any bank registered under the Banking Act [Chapter 24:01] may, subject to that Act and with the approval of the Authority, establish a branch within an export processing zone, and may at such branch— (a) conduct normal banking business permitted under the Banking Act [Chapter 24:01]: Provided that such bank shall not without any approval required under the Exchange Control Act [Chapter 22:05], lend or make advances to— (i) any person designated as a non-resident for the purposes of that Act; or (ii) any licensed investor operating within such export processing zone; (b) subject to any approval required under the Exchange Control Act [Chapter 22:05], operate foreign currency accounts for licensed investors operating within such export processing zones. (2) Where a foreign bank which is not registered under the Banking Act [Chapter 24:01] establishes a branch or a representative office within an export processing zone which is independent of any other activity carried on in Zimbabwe by that bank, that branch— (a) may engage in foreign currency transactions whereby it can receive and make payments in foreign currencies; (b) subject to this Act, shall not purchase or sell foreign currency in exchange for Zimbabwean currency. 42 Restrictions on borrowing and payments of employees (1) A licensed investor operating in an export processing zone— (a) may move funds necessary for his approved activity into and out or such export processing zone without having to obtain permission under the Exchange Control Act [Chapter 22:05]; (b) shall not, without approval under the Exchange Control Act [Chapter 22:05], borrow funds for use in his approved activity from any bank, building society, financial institution or other source situated in the customs territory. (2) A licensed investor who employs persons within an export processing zone who are regarded as non-residents for the purposes of the Exchange Control Act [Chapter 22:05] may pay the emoluments of such persons in foreign currency, and any person so paid may operate an external account with any bank whether within or outside the export processing zone.