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?

QUESTION

Medium

International Relations

Prelims 2016

Consider the following statements:

New Development Bank has been set up by APEC.
The headquarters of the New Development Bank is in Shanghai.

Which of the statements given above is/are correct?

Select an option to attempt

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.

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