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?
A
1 only
B
2 only
Correct Answer
C
Both 1 and 2
D
Neither 1 nor 2
Explanation
Statement 2 is correct as the New Development Bank (NDB) is headquartered in Shanghai, China. Statement 1 is incorrect because the NDB was established by the BRICS nations (Brazil, Russia, India, China, and South Africa) during the 2014 Fortaleza Summit, not by APEC. The core concept being tested is the institutional framework and origin of major multilateral development banks.
International OrganizationsMultilateral Development BanksNew Development Bank (NDB)APECBRICSheadquartersShanghai