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    Question

    What is the name of the Multilateral Development Bank

    established by the BRICS states?
    A Global Bank Correct Answer Incorrect Answer
    B Soft Bank Correct Answer Incorrect Answer
    C Asian Development Bank Correct Answer Incorrect Answer
    D New Development Bank Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS states (Brazil, Russia, India, China and South Africa). On 11 May 2015, K. V. Kamath was appointed as the President of the bank. The 7th BRICS summit in July 2015 marked the entry into force of the Agreement on the New Development Bank. The bank is headquartered in Shanghai, China. The first regional office of the NDB will be opened in Johannesburg, South Africa.

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