| Consider the following statements |
| 1. New Development Bank has been set-up by APEC. |
| 2. The headquarters of the New Development Bank is in Shanghai. |
| Which of the statements given above is/are correct? |
A) Only 1
B) Only 2
C) Both 1 and 2
D) Neither1nor 2
Correct Answer: B
Solution :
Exp. [b] The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS states (Brazil, Russia, India, China and South Africa). The bank is headquartered in Shanghai, China. The first regional office of the NDB will be opened in Johannesburg, South Africa. The idea for setting up the bank was proposed by India at the 4th BRICS summit in 2012 held in Delhi. The creation of a new development bank was the main theme of the meeting. BRICS leaders agreed to set-up a development bank at the 5th BRICS summit held in Durban, South Africa on 27th March, 2013. According to Devex, the name of the bank is believed to have been proposed by Indian Prime Minister Narendra Modi. On 15th July, 2014, the first day of the 6th BRICS summit held in Fortaleza, Brazil, the BRICS states signed the Agreement on the New Development Bank, which makes provisions for the legal basis of the bank. On 11th May, 2015, K V Kamath was appointed as the President of the bank.
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