BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

The New Development Bank (NDB) aims to mobilize resources for development projects in BRICS, emerging economies and developing countries. Where is the headquartered of NDB?

A	Durban, South Africa
B	Brasilia, Brazil
C	Moscow, Russia
D	Shanghai, China

Explanation:

Detailed explanation-1: -The Bank is headquartered in Shanghai, China with regional offices in South Africa and Brazil.

Detailed explanation-2: -The bank is headquartered in Shanghai, China. The first regional office of the NDB is in Johannesburg, South Africa. The second regional office was established in 2019 in São Paulo, Brazil, followed by GIFT City, India and Moscow, Russia.

Detailed explanation-3: -The NDB is a multilateral financial institution established by the BRICS countries, namely, Brazil, Russia, India, China and South Africa. The purpose of NDB is to fund sustainable development projects and infrastructure projects in the BRICS countries and other developing countries and emerging markets.

Detailed explanation-4: -After a round of successful negotiations, NDB has admitted four new members in 2021: Bangladesh, Egypt, the United Arab Emirates (UAE) and Uruguay. “We are delighted to welcome Bangladesh, Egypt, UAE and Uruguay to the NDB.

Detailed explanation-5: -The New Development Bank (NDB), the Shanghai-based multilateral bank of the Brics countries, will open its first regional office in India at the Gujarat International Finance Tec-City (GIFT City) to cater to infrastructure and sustainable development needs of the country, the bank said in a statement on Friday.

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