Question

Consider the following statements :
1. New Development Bank has been set up by APEC.
2. The headquarters of New Development Bank is in Shanghai.
Which of the statements given above is/are correct?
(a) 1 only

(b) 2 only

(c) Both 1 and 2

(d) Neither 1 nor 2

Answer 1

(b) (i) The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a Multilateral Development Bank established by the BRICS states (Brazil, Russia, India, China and South **). Its headquarter is in Shanghai, China.
(ii) First statement is wrong- its BRICS nations. 2nd is right - HQ is Shanghai.