Which of the following statements regarding New Development Bank to be established by BRICS nations are correct?begin{enumerate}item The headquarter of the bank will be in Shanghaiitem It will provide financial assistance to infrastructure projects of BRICS nations onlyitem The proposal for the bank was first made in 2012 summit in New Delhi.end{enumerate} Choose the correct code from the options given below:

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

Which of the following statements regarding New Development Bank to be established by BRICS nations are correct?

A	1 and 2 only
B	1 and 3 only
C	2 and 3 only
D	1, 2 and 3

Explanation:

Detailed explanation-1: -It is headquartered in Shanghai, China. Hence statement 3 is correct.

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 admitted Bangladesh, United Arab Emirates (UAE), and Uruguay as its new members in September 2021. The BRICS (Brazil-Russia-India-China-South Africa) set up the bank to mobilize resources for infrastructure and sustainable development projects.

Detailed explanation-4: -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-5: -The correct answer is New Development Bank. The New Development Bank was formed to support infrastructure and sustainable development efforts in BRICS and other underserved, emerging economies for faster development through innovation and cutting-edge technology.

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