Q: The ‘Fortaleza Declaration’, recently in the news, is related to the affairs of
a) ASEAN
b) BRICS
c) OECD
d) WT
The correct answer is option 2.
Fortaleza Declaration
- The presidents of the BRICS nations signed the agreement establishing the New Development Bank at the sixth BRICS summit in Fortaleza, Brazil, in 2014. (NDB).
- It stressed that the NDB will strengthen cooperation among BRICS and will supplement the efforts of multilateral and regional financial institutions for global development thus contributing to sustainable and balanced growth. Hence, Option 2 is correct.
- NDB’s major areas of operation are clean energy, transport infrastructure, irrigation, sustainable urban development and economic cooperation among the member nations.
- The BRICS countries’ equal rights are upheld by the NDB, which operates on a consultation mechanism.
- NDB’s main office is in Shanghai.
- The prospect of establishing a new Development Bank to raise funds for infrastructure and sustainable development projects in the BRICS and other emerging economies, as well as in developing nations, was discussed at the Fourth BRICS Summit in New Delhi (2012).
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