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 th

1. A. 1 only
2. B. 2 only
3. C. Both 1 and 2
4. D. Neither 1 nor 2

Answer: B

Explanation

The New Development Bank (NDB) BRICS group of nations comprising Brazil, Russia, India, China and South Africa . To begin with, the bank will start operating with $50 billion in initial capital with the five BRICS contributing $10 billion each. According to the pact, the capital of the bank will be divided equally among the five participating nations and initially it will focus on infrastructure projects member countries. The headquarters of the bank will be located in Shanghai, China. Eminent banker Kundapur Vaman Kamath was appointed as first President New Development Bank (NDB) of BRICS nations. The Bank shall mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development 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.