India signs First loan agreement with BRICS New Development Bank financing of

2017

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

A	US $ 350 Million
B	US $ 250 Million
C	US $ 450 Million
D	US $ 150 Million

Explanation:

Detailed explanation-1: -The New Development Bank shall have an initial subscribed capital of US$ 50 billion and an initial authorized capital of US$ 100 billion.

Detailed explanation-2: -This includes 18 projects of India worth USD 6.9 billion. NDB funds projects in areas such as sustainable infrastructure, clean energy, social safety, public health, education, water, sanitation and flood protection, renewable and green energy, transport, infrastructure, irrigation, agriculture, smart cities etc.

Detailed explanation-3: -Detailed Solution: On 15 July 2014, the first day of the 6th BRICS summit held in Fortaleza, Brazil, the BRICS states signed the Agreement on the New Development Bank, which makes provisions for the legal basis of the bank.

There is 1 question to complete.