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WAEC Economics 1996 Question 29

Question 29

Financial Institutions

Development banks mainly provide

  1. A.savings account facilities for a developing economy
  2. B.foreign exchange facilities for importers and exporters
  3. C.capital for development of specific sectors
  4. D.capital for hire-purchase of machinery
  5. E.capital for the development of special banks
Show the answer and explanation

Answer: C (capital for development of specific sectors)

Explanation

Development banks give medium- and long-term loans to specific sectors such as industry or agriculture.