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What is the main purpose of a development bank?

Practice Questions

Q1
What is the main purpose of a development bank?
  1. To provide short-term loans
  2. To promote economic development in specific sectors
  3. To manage personal savings
  4. To facilitate international trade

Questions & Step-by-Step Solutions

What is the main purpose of a development bank?
  • Step 1: Understand what a development bank is. It is a financial institution that provides funds to support economic growth.
  • Step 2: Know that development banks focus on specific sectors, like agriculture, infrastructure, or small businesses.
  • Step 3: Learn that the main goal of a development bank is to promote economic development in these sectors.
  • Step 4: Recognize that development banks provide long-term financing, which means they give money that can be paid back over a long period.
  • Step 5: Conclude that by providing this funding, development banks help create jobs, improve living standards, and boost the economy.
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