UPSC Prelims 2016 – Question 92

Q: Consider the following statements:

a) New Development Bank has been set up by APEC.

b) The headquarters of New Development Bank is in Shanghai.

Which of the statements given above is/are correct?

The correct answer is 2 only.

New development bank

• India presented the idea to establish the New Development Bank at the 4th BRICS summit in Delhi in 2012.
• The BRICS nations established the new development bank in 2014. Hence, Statement 1 is not correct.
• Its main office is in Shanghai, China. Hence, Statement 2 is correct.
• The Bank’s primary responsibility is to support public or private projects through loans, guarantees, equity investments, and other financial instruments. In addition, the Bank collaborates with other financial institutions and international organisations and offers technical assistance for projects.
• Johannesburg, South Africa, is home to the NDB’s first regional office.
• The BRICS, or Brazil, Russia, India, China, and South Africa, is an organisation of five significant emerging national economies.

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