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?
✓ Correct answer: b) 2 only
ExplanationStatement 1 is incorrect : The New Development Bank (NDB) was not set up by APEC (Asia-Pacific Economic Cooperation).It was established by the BRICS nations (Brazil, Russia, India, China, and South Africa) in 2014 during the 6th BRICS Summit in Fortaleza, Brazil.APEC is a regional econom- ic forum comprising 21 Pacific Rim member economies.Statement 2 is correct : The headquarters of the New Devel- opment Bank is in Shanghai, China.The bank became opera- tional in 2015 and focuses on infrastructure and sustainable development projects in BRICS and other emerging economies.The headquarters was designed with a focus on innovation, effi- ciency, and sustainability which reflects the bank’s commitment to sustainable development.262
Practice more Economy PYQs
Attempt a free 10-question quiz or browse the full Economy previous-year-question bank with instant answers and explanations.
📈 Economy PYQs →