Question
Consider the following statements about New Development
Bank: 1. New Development Bank has been set up by APEC. 2. The headquarters of New Development Bank is in Shanghai. 3. New Development Bank has an initial authorized capital of US$ 100 billion. Which of the statements given above is/are correct?Solution
At the fourth BRICS Summit in New Delhi (2012), the leaders of Brazil, Russia, India, China, and South Africa considered the possibility of setting up a New Development Bank (NDB) to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies, as well as in developing countries. During the sixth BRICS Summit in Fortaleza (2014), the leaders signed the Agreement establishing the New Development Bank. NDB was not set up by Asia-Pacific Economic Cooperation (APEC). The headquarters of New Development Bank is located in Shanghai, China.
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