Net flows of direct investment from industrial to developing countries as a group generally increased after the 1960s; from an average of under $2 billion a year during the early 1960s they rose to an average of around $10 billion a year during 1974-82 (Table A.1). However, their share in total capital flows declined substantially, as external borrowing—particularly from commercial banks—grew rapidly. During the 1960s, direct investment accounted for well over half all private capital flows from industrial to developing countries, but by the late 1970s it represented barely one quarter of a much larger volume of such flows, most of which were accounted for by medium-term bank lending or export credits. Official development assistance also grew more rapidly than direct investment throughout most of the 1970s and early 1980s.