Ques-Which is going to be the first multilateral agency(bank) to open office in Gift City?
A)World bank
B)New development bank
C)Asian development bank
D)European global bank
Ans-B
Related facts-
- New Development Bank (NDB) will become the first multilateral agency to open an office in the Gujarat International Finance Tech City (Gift).
- New Development Bank (NDB) has received the approval for the same and will open the office in May 2022 in GIFT City.
- The Indian office will help identify suitable projects and try to create a pipeline of potential financing for the bank.
- NDB was set up by the BRICS countries (Brazil, Russia, India, China, and South Africa).
- It is built with the objective of mobilizing resources for infrastructure and sustainable development projects in the BRICS as well as other emerging markets in 2014.
- It became operational in 2015 and is headquartered in Shanghai, China.
- All the founding members equally own the bank.
By-Akash P Singh