gs1easy

Consider the following statements:

  1. 1.The New Development Bank has been set up by Asia-Pacific Economic Cooperation (APEC).
  2. 2.The headquarters of New Development Bank is in Shanghai.

Which of the statements given above is/are correct?

  1. A.1 only
  2. B.2 only
  3. C.Both 1 and 2
  4. D.Neither 1 nor 2
▶ Answer & Explanation

Correct answer: B. 2 only

The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, was established by the BRICS states (Brazil, Russia, India, China, and South Africa). Its headquarters are indeed located in Shanghai, China, a fact established at the 6th BRICS summit in Fortaleza, Brazil. The Asia-Pacific Economic Cooperation (APEC) is a separate regional economic forum.

Source: UPSC gs1 2016

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