Question
Consider the following statements with reference to the
New Development Bank:             I.           The New Development Bank was founded by the BRICS countries at the 6th BRICS Summit in Brazil.           II.           No member country has any veto power.         III.           In 2019, the NDB received observer status in the United Nations General Assembly. Which of the statements given above is/ are not correct?Solution
New Development Bank (NDB) It is a multilateral development bank jointly founded by the BRICS countries (Brazil, Russia, India, China and South Africa) at the 6th BRICS Summit in Fortaleza, Brazil in 2014. NDB was formed to support infrastructure and sustainable development efforts in BRICS and other underserved, emerging economies for faster development through innovation and cutting-edge technology. It is headquartered in Shanghai, China. In 2018, the NDB received observer status in the United Nations General Assembly. The five countries have an equal vote share and have pooled in the same amount of capital on inception. No member country has any veto power.
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