This question was the least attempted question of the paper. The few candidates that attempted it demonstrated a fair understanding of economic development but only few of them were familiar with the contributions African Development Bank (AfDB) to the development of African States and the objectives of the World Bank in the (b) and (c) parts of the question. Candidates’ performance in this question was quite poor.

These candidates were expected to give the following answers to score the maximum marks:

1. Economic development is a process of increasing economic growth accompanied by cultural growth which results in an improved standard of living.


2. 1. It has financed investment projects that aided economic development through provision of long term loans.
   
   
   2. It has helped in conducting feasibility studies, preparation and implementation of projects which contribute to social economic development.
   
   
   3. It has helped to promote both public and private investment in projects which has contributed to economic development.
   
   
   4. It has helped to mobilize funds from developed countries and other agencies to finance development projects in Africa.
   
   
   5. It encourages economic integration among member countries.
   
   
3. Provision of long-term loans to finance development of infrastructure and capital project over a long period of time.
   
   
   1. To provide and coordinate technical assistance to member countries on investment projects in which they lack the requisite manpower.
   
   
   2. To promote foreign private investment through participation in loans and other investments made in the private sector of the economy of member countries.
   
   
   3. To conduct project feasibility and evaluation studies and act as executing agency for developments.
   
   
   4. To provide assistance in construction and rehabilitation efforts of member countries.