CURRENT AFFAIRS

Detailed explanation-1: -The BRICS Partnership on New Industrial Revolution (PartNIR) Innovation Center and the BRICS New Growth Bank (NDB) signed a memorandum of understanding (MoU) to enhance bilateral cooperation and boost BRICS countries’ common development.

Detailed explanation-2: -New Development Bank. Established in 2015 by BRICS countries, the New Development Bank is a multilateral development bank aimed at mobilising resources for infrastructure and sustainable development projects in BRICS and other EMDCs.

Detailed explanation-3: -On June 23, 2022, Mr. Marcos Troyjo, President of the New Development Bank (NDB), reported on the Bank’s achievements to the Leaders of Brazil, Russia, India, China and South Africa at the 14th BRICS Summit, held in a virtual format under the chairmanship of the Government of the People’s Republic of China.

Detailed explanation-4: -New Development Bank (NDB) was formally known as BRICS Development Bank. It was launched in 2015 by Brazil, Russia, India, China, and South Africa (BRICS), a group of major emerging economies. The current president of the NDB is Marcos Prado Troyjo from Brazil. The NDB headquarters are situated in Shanghai, China.

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.