Consider the following statements:
- New Development Bank has been set up by APEC.
- The headquarters of the New Development Bank is in Shanghai.
Which of the statements given above is/are correct?
Detailed Explanation:
Answer: Option 2 — 2 only
❌ Statement 1 – Incorrect: The New Development Bank (NDB) was established by BRICS (Brazil, Russia, India, China, and South Africa), not by APEC (Asia-Pacific Economic Cooperation). It was conceptualized at the fourth BRICS Summit in New Delhi (2012) and formally established at the sixth BRICS Summit in Fortaleza, Brazil (2014).
✅ Statement 2 – Correct: The headquarters of the New Development Bank is located in Shanghai, China. The bank became operational in 2015 with the mandate to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies.
Question 2 of 4 BRICS
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