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?
Answer & explanation
Answer: (b) 2 only
The New Development Bank (NDB) was set up by the BRICS countries, not by APEC, and its headquarters is in Shanghai. Statement 1 is wrong and statement 2 is correct.
- ✗ 1. The NDB was established by the BRICS countries; its founding agreement was signed at the sixth BRICS Summit in Fortaleza in 2014. It is not an APEC body.
- ✓ 2. The NDB is headquartered in Shanghai; it moved into its permanent HQ there in 2021.
- • Since then Since 2016 the NDB has admitted new members, for example Bangladesh, Egypt, UAE and Uruguay in 2021, and it has set up regional offices, including one in GIFT City, Gujarat, in 2022 (NDB website).
Remember · NDB = the BRICS bank (agreement signed at Fortaleza, 2014; first President K.V. Kamath of India), headquartered in Shanghai. It is not an APEC body.
Sources
- New Development Bank: Who we are ↗ “Established in 2015 by BRICS countries, the New Development Bank is a multilateral development bank aimed at mobilising resources for infrastructure and sustainable development projects in BRICS and other EMDCs. … The Agreement for establishing NDB was signed during the sixth BRICS Summit in Fortaleza by the leaders. … NDB moved to its permanent HQ in Shanghai.”
Question and answer: UPSC's official GS Paper I (2016, Series A) — paper ↗ · answer key ↗. Explanation: Minimalist IAS, checked 30 Sept 2026 (how we verify). ·