Consider the following statements : 1. New Development Bank has been set up by APEC. 2. The headquarters of New Development Bank is in Shanghai. Which of the statements given above is/are correct?
- A.1 only
- B.2 only
- C.Both 1 and 2
- D.Neither 1 nor 2
Correct answer
Explanation
The correct answer is B, 2 only. The New Development Bank was set up by the BRICS countries, not by APEC, and its headquarters is in Shanghai.
The agreement to create the New Development Bank was signed at the sixth BRICS summit at Fortaleza, Brazil, in July 2014, by Brazil, Russia, India, China and South Africa. The bank began work in 2015 with its headquarters in Shanghai, China, and its first President was India's K. V. Kamath. Each founding member holds an equal share and an equal vote, and no member has a veto. Its purpose is to fund infrastructure and sustainable development projects in BRICS and other emerging economies, and its membership has since been opened to other countries.
A is wrong because APEC, the Asia-Pacific Economic Cooperation forum, has no role in the bank. C is wrong because statement 1 is false. D is wrong because statement 2 is true.
Exam tip: NDB: BRICS, Fortaleza summit 2014, headquarters Shanghai, first President K. V. Kamath.
Practice Questions
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