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Consider the following statements regarding New Development Bank (NDB).
1. It is a multilateral development bank established by the BRICS states.
2. The NDB has received observer status in the United Nations General Assembly.
3. Like the World Bank, in the NDB each participant country will be assigned one vote.
Which of the above statements is/are correct?
  • a)
    1, 2
  • b)
    1, 3
  • c)
    1 only
  • d)
    1, 2, 3
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
Consider the following statements regarding New Development Bank (NDB)...
It is a multilateral development bank operated by the BRICS states (Brazil, Russia, India, China and South Africa).
  • It was agreed to by BRICS leaders at the 5th BRICS summit held in Durban, South Africa in 2013.
  • It was established in 2014, at the 6th BRICS Summit at Fortaleza, Brazil.
  • The bank is set up to foster greater financial and development cooperation among the five emerging markets.
In 2018, the NDB received observer status in the United Nations General Assembly, establishing a firm basis for active and fruitful cooperation with the UN.
Voting:
Unlike the World Bank, which assigns votes based on capital share, in the New Development Bank each participant country will be assigned one vote, and none of the countries will have veto power.
Free Test
Community Answer
Consider the following statements regarding New Development Bank (NDB)...
It is a multilateral development bank operated by the BRICS states (Brazil, Russia, India, China and South Africa).
  • It was agreed to by BRICS leaders at the 5th BRICS summit held in Durban, South Africa in 2013.
  • It was established in 2014, at the 6th BRICS Summit at Fortaleza, Brazil.
  • The bank is set up to foster greater financial and development cooperation among the five emerging markets.
In 2018, the NDB received observer status in the United Nations General Assembly, establishing a firm basis for active and fruitful cooperation with the UN.
Voting:
Unlike the World Bank, which assigns votes based on capital share, in the New Development Bank each participant country will be assigned one vote, and none of the countries will have veto power.
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Consider the following statements regarding New Development Bank (NDB).1. It is amultilateral development bankestablished by theBRICSstates.2. The NDB has received observer status in the United Nations General Assembly.3. Like the World Bank, in the NDB each participant country will be assigned one vote.Which of the above statements is/are correct?a)1, 2b)1, 3c)1 onlyd)1, 2, 3Correct answer is option 'A'. Can you explain this answer?
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