Q92.
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?
Answer
B
Explanation
The New Development Bank (NDB) was set up by BRICS group of nations (Brazil, Russia, India, China and South Africa) - NOT APEC. Statement 1 is incorrect. The headquarters of the bank is located in Shanghai, China. Eminent banker Kundapur Vaman Kamath was appointed as first President. Unlike the World Bank, which assigns votes based on capital share, in the New Development Bank each participant country will be assigned one vote, and none of the countries will have veto power. Statement 2 is correct.