Explain Type Library and what is its purpose?

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Type libraries are files that explicitly describe some or all of the contents of components. This includes information about the methods, properties, constants, and other members exposed by the component. Development tools such as Visual Basic make use of the information contained in the type library to help you, as a developer, access and use the component. In addition, type libraries provide a convenient way to include a simple level of descriptive documentation for component members.
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