Which one of the following countries is not a founding member of the New Development Bank?
- A.Brazil
- B.Canada
- C.Russia
- D.India
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Explanation
The correct answer is B, Canada. The New Development Bank was founded by the five BRICS countries, and Canada is not one of them.
The founding members are Brazil, Russia, India, China and South Africa. They agreed to set up the bank at the BRICS summit in Fortaleza, Brazil, in July 2014, and it began work in 2015 with its headquarters in Shanghai, China. Its first president was K. V. Kamath of India. The bank lends money for infrastructure and sustainable development projects in member and other developing countries. It was earlier called the BRICS Development Bank, and it has since admitted some new members, but the founders remain the five BRICS nations.
A is wrong: Brazil is a founding member and hosted the 2014 Fortaleza summit where the bank was agreed.
C is wrong: Russia is one of the five founding BRICS members.
D is wrong: India is a founding member and gave the bank its first president.
Exam tip: NDB: Fortaleza 2014, headquarters Shanghai, first president K. V. Kamath; AIIB headquarters Beijing.