UPSC Prelims 2016
International Relations
Consider the following statements:
1. New Development Bank has been set up by APEC.
2. The headquarters of the New Development Bank is in Shanghai.
Which of the statements given above is/are correct?
Explanation
Statement 1 is Incorrect: At the fourth BRICS Summit in New Delhi (2012), the leaders of Brazil, Russia, India, China, and South Africa considered the possibility of setting up a new Development Bank to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies, as well as in developing countries. Statement 2 is Correct: The bank is headquartered in Shanghai, China. Hence, option B is the correct answer.