gs1medium

Find correct statement(s):

  1. 1.New Development Bank has been set up by APEC.
  2. 2.The headquarters of New Development Bank is in Shanghai.

Answer Codes:

Options:

A: 1 only

B: 2 only

C: Both 1 and 2

D: Neither 1 nor 2

  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) was established by the BRICS (Brazil, Russia, India, China, South Africa) states, not the Asia-Pacific Economic Cooperation (APEC). Its primary objective is to finance infrastructure and sustainable development projects in BRICS and other emerging economies. The bank's headquarters are indeed located in Shanghai, China, as part of the agreement among the founding member nations.

Source: UPSC gs1 2016

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