New Development Bank

IN NEWS:

• Eminent banker KV Kamath demitted office as the president of the National Development Bank after completing his five-year tenure.

ABOUT THE BANK:

• The NDB, formerly referred to as the BRICS Development Bank, is a multilateral development bank (MDB) operated by the BRICS states- Brazil, Russia, India, China and South Africa.
• It was established in 2014, at the 6th BRICS Summit at Fortaleza, Brazil.
• It is headquartered in Shanghai, China and has a regional center at Johannesburg, South Africa.
• The aim of the bank is to mobilize funding for infrastructure and sustainable development.
• Unlike other MDBs, in the New Development Bank each participant country has equal shares, is assigned one vote and none of the countries have veto power.

PRELIMS QUESTION:

Q. Consider the following statements regarding the New Development Bank:

1. It was founded by the BRICS nations
2. It is headquartered in Beijing, China

Choose the correct statements from the codes given below:

1. 1 only
2. 2 only
3. Both 1 and 2
4. Neither 1 nor 2

Answer to Prelims question

Source: Economic Times