CURRENT AFFAIRS

Detailed explanation-1: -The summit will conclude on 5 September. Five banks including Brazilian Development Bank (BNDES), Vnesheconombank, Export-Import Bank of India, China Development Bank and Development Bank of South Africa (DBSA) signed the agreement to establish credit lines in the national currencies.

Detailed explanation-2: -Concerning a BRICS expansion, Lavrov stated that Algeria, Argentina, and Iran had all applied, while it is already known that Saudi Arabia, Türkiye, Egypt and Afghanistan are interested, along with Indonesia, which is expected to make a formal application to join at the upcoming G20 summit in Bali.

Detailed explanation-3: -The 5 BRICS countries The abbreviation consists of the first letters of the country names. This refers to a group of the five countries (initially without South Africa), that belong to the emerging economies. A total of 3.24 billion people live in these five countries, 41.04 percent of the world’s population.

Detailed explanation-4: -Russia is subjected to a slew of international sanctions, leaving the country cut off from Western markets and leading to a default on its debt-the first in two decades.

Detailed explanation-5: -Detailed Solution. 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.