52 Years of Economic Development

52 Years of Economic
Development
Presented by :Yousef Al-Bader / Munzer Hamdieh
Prepared by: Alyaa Al-Mousawi

Kuwait
 Kuwait as a country was established in the early 17th
century, and has been ruled by Al-Sabah Family
since they were elected by the rest of the Kuwaiti
Families.
Before the exploration of oil in 1934, Kuwait was a
mercantile center & port.
The people of Kuwait depended mainly on the
sea to earn a living.

Kuwait - Discovery of Oil
 February 1938, Oil was discovered in Burgan
Oil Field.

Kuwait - Independence
 Kuwait got its independence on June 17,
1961. During the rule of his highness The late
Amir of Kuwait Abdullah Al-Salem Al-Sabah.
Sheikh Abdullah’s reign was so central to
the evolution of modern Kuwait and its
constitution.
The date on which he had ascended the
throne in 1950 (February 25) was
designated National Day.

Establishment of Kuwait Fund
 Established in 1961 as a bilateral financial – aid
agency.
1st national institution founded by a developing
country to help developing nations.
- Initial capital = KD 50 million (US$ 165 million)
- Geographical coverage = Arab Countries.
Today 2014
Our current capital KD 2 billion (US$ 6.6 billion)
Geographical coverage = 104 countries worldwide

Kuwait Fund - Capital
 Initial Capital = 50 million K.D.
 100 million K.D.
 In 1963 , 200 million K.D.
 In 1974, 1000 million K.D. (Geographical distribution
was expanded to cover all non-Arab countries
requiring development assistance in addition to
Arab countries).
 In 1981, 2000 million K.D.
 Today , The Kuwait Fund still retains the 2000
million K.D. in terms of official capital, in addition to
two reserved capitals surpassing 2000 million K.D.
(The geographical distribution : 104 countries. )

UN Development Mandate (1974)
 It stipulates that industrial as well as oil
producing countries allocate 0.7% of their
GDP to development assistance.

The UN Development Goals
 Eradicate Extreme Poverty & Hunger.
 Achieve Universal Primary Education.
 Promote Gender Equality & Empower Women.
 Reduce Child Mortality.
 Improve Maternal Health.
 Combat HIV, Aids , malaria & other diseases.
 Ensure Environmental Sustainability.
 Develop a Global Partnership for Development

KUWAIT FUND CONTRIBUTIONS TO
DEVELOPMENT INSTITUTIONS UP TO 6-03-2014
Committed (Million
US$)
Institution Paid Up (Million US$)
Arab Fund for Economic & Social Development 560 560
Arab Bank for Economic Development in Africa 48.23 48.23
African Development Bank Group
• African Development Bank
• African Development Fund
11.06 109
212 243
Inter – Arab Investment Guarantee Corporation 7 7
International Development Association 117 117
International fund for agricultural Development 51 68.3
(IFAD)
• IFAD Special Program for Sub-Saharan African
Countries
109 241
Arab Gulf Program for United Nations Development 14 47
Organizations.
Total 1,128 1,439

Fund Activities
The Scope of our operations can be
extended to any country that requires
development & financial assistance.
Types of assistance
- Loans
- Grants & Technical Assistance
- Contributions to Multilateral Development
Institutions

Geographic Regional Distribution of
Fund’s Loans
Central Asia & European Countries
Arab Countries
West African
Countries
South East
Asia
& Pacific
Countries
Latin America & The
Caribbean Countries
South
Center
& East
African
Countries

Geographical Distribution of Fund’s Loans
(06032014)
Amount in (Million %
US$)
No. of No. of Loans
Countries
Regions
Arab Countries 16 326 9,818 56.24
East, South Asia & The 19 162 3,229 18.50
Pacific Countries
West African Countries 19 153 1,722 9.86
Central, South & East 21 120 1,276 7.31
African Countries
Central Asian & European 17 58 1,022 5.86
Countries
Latin American & The 11 39 388 2.23
Caribbean Countries
Total 103 858 17,455 100%

Geographic Regional Distribution of
Fund’s Loans (06032014)
Arab Countries
56.24
East, South Asia
& The Pacific
Countries
18.50
West African
Countries
9.86
Central, South &
East African
Countries
7.31
Central Asian &
European
Countries
5.86
Latin American &
The Caribbean
Countries
2.23

Sectoral Distribution of Fund’s Loans
Agriculture
Transportation
Industry
Power
Water &
Sanitation
Social
Telecommunications
Development Bank

06/03/2014
Loan Amount in million %
US$
Sector No. Of Loans
Transportation 362 6,202 35.53
Energy 149 4,636 26.56
Agriculture 120 1,975 11.31
Water & Sewage 83 1,634 9.36
Industry 63 1,226 7.02
Social 32 805 4.62
Development Banks 18 458 2.63
Miscellaneous 17 174 1.00
Telecommunication 14 344 1.97
Total 858 17,455 100

06/03/2014
Energy 26.56
Agriculture 11.31
Water & Sewage
9.36
Transportation
35.53
Industry
7.02
Development Banks 2.63
Social 4.62
Miscellaneous 1.00
Telecommunication 1.97

Tunisia – Arab Countries
Grants & Technical Assistance
Name
Tech. & Econ. Feas. Study For The Sediment & Protection Of The Coastline
From Sea Erosion Project In Bogrbh Djerba

Loans
Project Name Amount in Million US$
Sidi Salem Dam 13.020
Utilization Of Treated Sewage Water 10.863
Madjerda Valley Stage (ii) 10.880
Eisckel Lake Plains Drainage 8.130
Siliana Dam 24.830
Integrated Rural Development Pogramme In The 30.600
Republic Of Tunisia
Madjerda Valley Stage (i) 6.800
Operation Program Of National Bank For Economic 8.457
Development (1975-1977)
La Goulette Power Stage (i) 12.924

Loans
La Goulatte Power Stage (ii) 15.485
Kaf Echfair Phosphate Mining 20.043
Rehabilitation And Maintenance Of Siape's Plants 22.097
Phosphate Mines Development 6.800
Two High Institutes For Technological Studies 20.400
Turki-hammamat Highway 9.355
Sidi Omar Bu Hijla-alsokheira Road 10.731
Southern Suburbs Of Tunis City Railway 22.052
Gas Pipe Line Between El-borma Oil Field And 3.060
Gabes

Loans
Gabes-medenine Railway 2.069
Hammamat Masakin Highway 33.720
Fishing Ports At Sfax, Chabba And Zarzis 9.690
Improvement Of Roads Network 22.429
Tunis-carthage Airport 13.600
Tunis-turki Highway 11.728
Binzert Bridge 7.650
Agricultural Roads 23.800
Development Of Transmission And Distribution 85.000
Network Of Natural Gas

Loans
Water Production And Distribution In 23.800
Northern Tunisia
Benzert Water Supply 17.153
Greater Tunis Sewerage And Drainage 16.469
(third Stage)
Water Supply For Greater Tunis 21.283
Project(phase Ii)
Hills Dams And Safeasefa Dam 14.300

Egypt – Arab Countries
Grant and Technical Assistance
Name
Polyester Fibre Plant Extension
North Red Sea Water Supply And Sanitation
First African Regional Conference On Drainage: Cairo 6-9 December 2004
Financing The Activities Of The Strategic Documents Center In Respect Of The Economic And Social
Reform Program In Egypt
Studies Related To A Research Project For The Production Of Membranes For Water Desalination
Project To Face Violence Against Children With Disability
Comprehensive Feasibility Study Of The Rehabilitation And Improvement Of Eastern Nag Hammadi
Canal And Its Branches
Railway Electrification Project Damietta, Mansoura Tanta
Pilot Model For The Integration Of Children With Disabilities In Education

Egypt – Arab Countries – Loans
Rasheeed Promontory Shore Protection 23.800
Development Of 400 Thousand Feddan In North 68.000
Sinai
Development Of 400 Thousand Feddan In North 85.000
Sinai
Social Fund For Development 48.960
Social Fund For Development 51.000
Program Operation Of Social Fund For 68.000
Development . ( Phase Iii )
Social Program To Assist The Rehabilitation And 88.400
Development Of The Poultry Ind

Sidi Krir Thermal Power Plant. 132.023
Abu Qir Thermal Power Station 33.962
The Nobaria Power Plant Project (phase 1). 79.469
The Nobaria Power Plant Project (phase 2). 33.041
Talkha Power Station Development Project. 88.400
The West Cairo Power Plant 100.972
Al-atf Power Generation Station Project 102.000

Abu-qir Power Generation Station 102.000
Expansion Of Natural Gas Distribution Networks In 68.000
Cairo And Giza (phase 1)
Second Loan Abu-qir Power Generation Station 102.000
El-ain El-sokhna Power Station Project 102.000
Banha Power Station 102.000
Helwan Power Station Project 102.000
Development Of Pharmaceutical Industry 33.128

Rehabilitation Of The Egyptian Iron And Steel 32.758
Companys Mill's
Talkha Ii Fertilizer Plant 23.800
Talkha Ii Fertilizer Plant 6.102
School Construction Project 34.000
Suez Canal Development 33.320
Maritime Transport Expansion 11.793
Abu Qir Gas Field Development Stage (i) 15.300

Re-opening Of Suez Canal 00.043
Abu Qir Gas Field Development Stage (ii) 11.833
Natural Gas Pipeline From Al-arish To Al-aqabah 95.173
Project
Development Of Suez Canal 14.308
Greater Cairo Wastewater(almaadi Tunnel) 24.779
Treatment And Utilization Of Sewerage Water 20.400
Project In Al- Shorouk City - Phase1
Ras Shukair-Suez-Cairo Oil Pipeline 13.429

Expansion of Natural Gas Distribution Networks in 57.800
The Governorates of Cairo and Giza (Phase II)
Modernization of Banha – Zagazig Ismelia- Port 102.000
Said Railway Line Control and Signalings

Afghanistan – South East Asia – Grants &
Technical Assistance
Name
Farah Rad.
Reconstruction Of Afghanistan "artf"

Afghanistan – South East Asia –
Loans
Baghlan Sugar Factory 29.121

Vietnam – South East Asia
Name
F.s.: Cane Sugar Plantation & Processing Factory.

Vietnam – South East Asia - Loans
Dau Tieng Irrigation 9.860
Dau Tieng Agricultural 20.303
Van Dinh Water Logging Control 13.124
Ayun Irrigation 16.910
Dak Lak Province Irrigation 9.426
Rural Infrastructure Development Project In Ha Tinh 14.620
Province
Nghe An Cement Plant 2.782

Vietnam – South East Asia - Loans
Dak Ta - Ngoc Linh Rural Road 6.812
Phu Thong-khang Ninh Road Project In Bac Kan 13.600
Province
Cha To-muong Tung Road Project In Dien Bien 13.600
Province

Kenya – Central, South & East Africa
Name
The Studies for Bura Irrigation And Settlement Project

Kenya –Central, South & East Africa
Loans
Name Amount in Million US$
Bura Irrigation And Settlement Scheme 20.400
Rehabilitation Project
Wajir Hospital Project 6.800
Development Of Schools Infrastructure 15.300
In North Nyamira / Borabu Project
Katumani-wote Road 20.400
Nuno - Modogashe Road Project 20.060

Serbia- Central Asia & Europe
Loans
Belgrade Center Railway Station - 34.000
Phase 1

Uzbekistan – Central Asia & Europe
Name
Institutional Support To The Uzbek Fund For Reconstruction And
Development.
F. S. Water Supply Sanitation & Social Awareness
Rehab. Of Irrigation Network and Drainage System Pro. In Djizakh &
Syrdarya

Uzbekistan – Central Asia & Europe Loans
The Rehab./const. Of Irrigation Net. And Drainage 14.756
Sys. In Djizakh And Syrdarya
Rehabilitation And Equipping Of 171 Medical 20.400
Emergency Department
Reahabilitation And Equipping Of A Cardio Surgery 11.900
Building
Tashkent- Angren Railway Line Electrification 21.080
Guzar-chim-kukdala Highway Project 20.400
Improvement Of Water Supply Of Nukus And Urgench 19.948

Moldova – Central Asia & Europe
Name
F.S. for the Diabetic Medical Center
T.A. For Improvement of Drinking Water Supply Network

Moldova - Central Asia & Europe
Loans
Drinking Water 6.460

Cuba – Latin America - Loans
Santiago De Cuba Water Supply System 10.469
Rehabilitation
Holguin Water Supply System Rehabilitation 14.960
Rehabilitation Of Water Network And 25.500
Sewerage Project In Havana

Argentina - Latin America - Loans
Provincial Road Network Development 35.943

Project Cycle
1. Project / Loan Status: Pipeline
1.1. THE REQUEST
1.1.1. The Borrower's country should be a developing country. However,
countries whose economies are in transition may be considered as eligible. No
geographic, ethnic, religious, caste or cultural barrier restricts benefiting from
the Fund's loans and assistances.
1.1.2. The request for assistance must be made by the governmental authority
responsible for international cooperation and external borrowing.

Project Cycle
1.1.3. The requesting authority should indicate that the project is a priority project to the
government.
1.1.4 The project should have a strong public sector element and be of a developmental
nature. The Fund's assistance is not limited to a particular sector. The project may be in
any of the following sectors: infrastructure, agriculture, irrigation, transport,
communications, energy, water supply, sewage treatment, education and health.
1.1.5 The project, if not in the education and health sectors, should be supported by a
detailed techno-economic feasibility study. The feasibility of the project must be
demonstrated by cost-benefit analysis and the calculation of an internal economic rate of
return, with an indication of sensitivity to changes in parameters. For projects in the
health and education sectors, it is sufficient to demonstrate the feasibility of the project
through technical and social data, in addition to evidence establishing the need for the
project. The studies of the project should include the proposed components, the cost
estimates in local and foreign currencies, and the proposed financing plan. abidance to
the "Kuwait Fund Requirements for the Preparation of a Feasibility Study" is advisable. It
is preferable that the services of an independent specialized consultant be obtained for
the preparation of feasibility studies.

Project Cycle
1.2. THE PRELIMINARY APPROVAL:
1.2.1. A team is formed by the Operations Department of Fund to prepare a
memorandum regarding the project, summarizing the available information thereof.
1.2.2. If the recommendation of the team is positive, and if the studies are adequate,
the Fund's management submits, on approval of the Board's Internal Loans
Committee, a recommendation to the Board of Directors to, preliminarily, approve the
participation in the financing the project.
1.2.3. Upon the Board's preliminary approval, the management of the Fund may
proceed to consider the project for further evaluation.

Project Cycle
1.3. THE APPRAISAL:
1.3.1. A mission, composed usually of an engineering adviser, an economic adviser and a
legal adviser, visits the country to appraise the project. The mission would visit the project
site, collect all necessary project and sector information and, if satisfied, negotiate and
initial a draft loan agreement before the end of the visit. The draft loan agreement would
state the amount of the proposed loan, the lending terms and other conditions based on the
findings of the mission.
1.3.2. Under normal circumstances, and in accordance with the regulations of the Fund, the
amount of the loan would not exceed 50% of the total cost of the project and would not
include financing of local costs of goods produced in the territories of the borrower.
1.3.3. Upon its return, the mission would prepares a project appraisal report which includes
information about the economy of the country, the sector, the implementing agency, the
project, the economic and financial viability of the project (if required), and the lending
terms and conditions. Such report would be discussed in a meeting attended by all the
technical staff of the Fund.

Project Cycle
1.4. THE FINAL APPROVAL:
1.4.1. Following discussion and approval of the project appraisal report by the Fund's
management it is submitted to the Board of Directors with appropriate recommendations
concerning participation in financing the project.
1.4.2. If satisfied, the Board of Directors grants the required approval. Following that, a date
is fixed for the official signature of the of the loan agreement which usually takes place in
the borrower's country.

Project Cycle
2. Project / Loan Status: Active:
2.1. THE EXECUTION:
2.1.1. The concerned government authority would invite offers from consultants for the
provision of the required consulting services. Following the preparation of construction
bidding documents and approval thereof by the Fund, bids may be invited from contractors
for the construction of the project or from suppliers for the procurement of the required
goods. Under normal circumstances, and in accordance with stipulations of the Loan
Agreement, all biddings should be competitive, either through open international bidding or
through restricted bidding.
2.1.2. The concerned government authority is expected to obtain the prior approval of the
Fund on each implementation step, including, the evaluation of offers, texts of contracts,
etc.

Project Cycle
2.1.3. Based on the signed and approved contracts, withdrawal applications for
disbursements from the proceeds of the loan would be issued by the authorized
representative of the borrower. The Fund would disburse, in accordance with the Fund's
"Disbursement Procedures", through either direct payments to the beneficiary for
construction of works and for services, which is the most common case, or through Letters
of credit for procurements, or through reimbursement to the borrower against evidence of
payment already made to the beneficiary.
2.1.4. The Fund expects to receive periodic reports from the borrower regarding the
progress of the implementation of the project.
2.1.5. During the progress of the project, and especially whenever a problem arises, the
Fund would mount a follow-up mission to visit the project site and discuss pending matters.
Also, the fund may invite representatives of the borrower and of the co-financiers if any, to
meet in Kuwait to discuss outstanding matters.

Project Cycle
3. Project / Loan Status: Completed
3.1. THE COMPLETION:
3.1.1. Upon completion of the project, the Fund expects to receive a final report from the Borrower.
3.1.2. After completion of the project, and if there is an unutilized uncommitted balance in the Loan,
the Fund usually cancels the said balance and adjusts the repayment schedule accordingly. Under
special circumstances, and subject to the approval of the management of the Fund, the borrower may
utilize the said balance to finance additional works and goods directly related to the project, and
clearly provided for in the Loan Agreement.
3.1.3. Under normal circumstances, the borrower starts repayment of the Loan after the expiry of a
grace period. The said grace period, as indicated in the Loan Agreement, starts from the date of the
first disbursement and lasts one year beyond the construction period of the project, thus allowing the
borrower to repay the loan through deriving benefits from the project.

Kuwait Fund Requirements for The Preparation
of A Feasibility Study
For Kuwait fund to be able to properly assess the potential of
financing a development project, a complete feasibility study
must be undertaken. If the said study is prepared in any
language other than the english language, a translation to the
english language is required. A typical study may contain
the following sections:

The executive summary
Will normally contain a brief introduction to the project,
description of the contents of the following chapters, summary
of costs and benefits-leading to its technical and economic
viability (indicating the firr, and eirr), and recommendations to
the course/s of action to be undertaken to implement the project

A - The economic and financial sections
1. Country economic background:
analyze the recent economic developments in the country using the
most recent economic indicators obtained from reliable sources. The
analysis should include the basic country characteristics, the available
natural and human resources and their mobilization, the
macroeconomic performance based on the sectoral developments,
government finance within the framework of its fiscal policy, the
financial sector performance within the framework of the government
monetary and credit policy, and the external position including the
bop and the external debt within the framework of the government
international trade policy. The medium term prospect of the country
should also be demonstrated taking into consideration the existing and
planned economic reform programs.

2. Project justification:
demonstrate and prove the need and the importance of the project to the
economy using micro, macroeconomic analysis, and market surveys if
needed. The report should emphasize the prevailing market conditions and
the expected situation after the implementation of the project.
analyze the degree of market competition and/or concentration currently
prevailing and the future prospective if applied to the project.
3. Project area of influence
Population trends and economic activities in the project’s area
of influence

4. Market surveys and the justification of the project:
I) this section shall demonstrate and prove the need and
the importance of the project to the economy using micro
and macroeconomic analysis, market surveys if needed.
The report should emphasise the prevailing market
conditions and the expected situation after the
implementation of the project. Demand and supply
projections with and without the project shall be quantified
with the proper parameters used in the projections.
II) this section shall also contain the analysis of the degree
of market competition and/or concentration currently
prevailing and the future prospects if applicable to the
project.

5. Economic analysis:
I). Calculate the shadow "economic" prices that can be used in calculating economic benefits of the
project.
II). Modify the financial cost of the project: investment, operation and maintenance and replacement
costs, to exclude any direct transfer payments (i.e. Taxes, subsidies, etc.) And to include the
shadow wage rates - if the labor market is not competitive - in addition to the other economic
prices of the inputs used in the production process.
III).Value intangible costs and benefits of the project if available.
Use the modified cash flows to calculate the economic internal rate of return (eirr).
IV).Demonstrate the sensitivity of the eirr to the changes in the value of the main variables.
V). Estimate the effect of the project on the following:
1. Employment
2. Foreign exchange
3. Pollution

Financial analysis:
(this applies only to projects that can be appraised using the “financial internal rate of return” as an
indicator of viability)
I).Investigate the expected stream of income arising from the expected product mix of the project
using the current prevailing prices.
II).Utilize the estimated capital investment required.
III). Estimate the annual operation and maintenance expenses.
IV). Estimate any additional replacement cost that may be needed during the lifetime of the project.
use the above mentioned parameters to calculate the financial internal rate of return (firr).
V).Demonstrate the sensitivity of the firr to the changes in the value of the main variables.
VI).Calculate the break-even point and the appropriate production mix and level.
VII).Review the tariff and/or pricing policy of the products to insure its adequateness if necessary.
VIII).Present informative current and projected financial reports concerning the implementing agency
including but not limited to:
Balance sheet
Income statement
Sources and uses of funds ratio analysis including liquidity, activity, profitability, debt, and debt
coverage ratios, etc.

B - The technical section
1. Sector information:
I). An introduction about the importance of the sector to the
country.
Ii). The authorities responsible for the sector.
Iii). Demands on the means of the sector and to which extent they are satisfied.
Iv). Description in detail about all means of the sector and sub-sectors (if any) with statistics running for the
last five years, at least, and an explanation of the trend of the statistics.
V).Effect of the means of the sector on the environment.
Vi). Sector budgeting and expenditures in the present country's budget plan, and to what extent they are
satisfied and whether foreign investments are being utilized.
Vii). Future sector development plans and means to finance and execute them, and whether foreign investment
is required.

2. Project information:
I).Aim of the project.
II). Description of the project.
III).Components of the project.
IV).Technical soundness.
(a) principal engineering features, such as the type, location, capacity and characteristics of
major facilities and their relationship to existing and future services.
(b) justification of the criteria, standards, location and extent of the facilities proposed as
compared with those existing and other available alternatives.
(c) conceptual design or preliminary design and drawings of the elements of recommended
systems, sufficiently complete to provide a basis for reasonably-firm estimates of the bill of
quantities and costs.
V). Estimated cost of the project, with detailed break-down
into:

1. Land acquisition
2. Civil engineering works
3. Electro-mechanical works
4. Supplies
5. Technical administrative assistance (training)
6. Consulting services for design and supervision
7. Physical contingencies, and
8. Price contingency.
It should be noted that all costs must be broken down into local and foreign currencies. The cost estimates
should also refer to the basis on which the costs are estimated.
VI). Financing plan of the project.
VII). Project implementation times schedule.
VIII). Possibilities of future expansion.
IX). Effects of the project on the environment.
X). Operation, maintenance, and training requirements.
XI). Institutional requirements (facility management and
financial management).

C. Project implementing agency information
1. The ministry or agency (or agencies) which is in-charge of the
project.
1. Establishing the ministry or agency ( law or decree, date and
number).
3. The departments or divisions of such ministry or agency, with a description of their functions.
4. Organizational chart for the ministry or agency.
5. Assisting government agencies, if any.
6. Supervision of the project execution.
7. Maintenance of the project.
8. Total number of the staff of the agency:
 Engineers and their classification
 Technical personnel
 Other categories
 Nationals and foreigners

9.The possibility of assigning nationals to follow the implementation
of the project.
10.Shortage in the workforce of the executing agency, if any – how
treated;
 Staff training
 Training centers and how financed, if any
 Future plans for training
11. The possibility of establishing a full-time unit to supervise the
implementation of the project.
12. The possibility of formulating a unit to operate and maintain the
project.

13.The agency managing the project, if different from the executing agency.
14. Similar projects carried out by the executing agency.
14. The financial structure and performance of the implementing
agency:
(this section is applicable only to the cases in which the implementing agency is an autonomous entity and
proven to be of legal and financial independence from the government, or wherever it is recommended to
establish a new independent agency for the proper implementation and operation of the project)
I)The analysis of the financial structure and the financial performance of the implementing agency for the last
five years, if applicable. The analysis should be based on the audited financial statements of the agency. The
analysis shall indicate the agency's major accounting policies, fixed assets accounts details, short and long term
debt obligations, equity details, etc. The analysis shall also include the major financial ratio indicators.

II)Projected financial statements for the implementing agency during and after the implementation of the
project. Such projections shall be done with the objective of assessing the ability of the implementing
agency to service its existing and the new debt arising from financing the project. The projected financial
statements shall cover at least 5 years of operation and shall include projecting the following statements:
 Balance sheets,
 Income statements,
 Sources and applications of funds statements.
III)financial ratio analysis including liquidity, activity, profitability, debt ratio, coverage ratio, ..etc.

52 Years of Economic Development

52 Years of Economic Development

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