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‘Consider the following statements regarding New Development Bank (NDB):
- It is a multilateral development bank established by the Shanghai Cooperation Organisation (SCO) countries.
- Membership in NDB is open to any member of the United Nations.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'B'. Can you explain this answer?
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‘Consider the following statements regarding New Development Ban...
Honduras President recently requested the country’s admission to the BRICS-led New Development Bank (NDB).
About New Development Bank (NDB):
- NDB, formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS countries (Brazil, Russia, India, China and South Africa).
- Objective: Financing infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries.
- The idea of setting up NDB was first conceived in 2012 during BRICS Summit in New Delhi, India. The Bank formally came into existence as a legal entity in 2015.
- Headquarters: Shanghai, China
- The first regional office of the NDB was setup in Johannesburg, South Africa. The second regional office was established in 2019 in São Paulo, Brazil, followed by Moscow, Russia.
- Capital: The Bank has an initial authorized capital of 100 billion dollars and an initial subscribed capital of 50 billion dollars.
- Membership in NDB is open to any member of the United Nations.
- Governance Structure:
- The Bank is governed by a Board of Governors made up of the finance ministers of the five BRICS countries, and a Board of Directors.
- Voting power within the Board is based on each country’s shares in the bank.
- While new members can join the NDB, the five BRICS countries will retain a minimum of 55% of total shares.
- The NDB’s management includes a presidency which rotates among BRICS members, and four vice presidents who are selected from the remaining BRICS countries.
Hence only statement 2 is correct.
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‘Consider the following statements regarding New Development Bank (NDB): It is a multilateral development bank established by the Shanghai Cooperation Organisation (SCO) countries. Membership in NDB is open to any member of the United Nations.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?
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