Question: The New Development Bank(NDB) bank is headquartered in-
(a) Shanghai, China
(b) New Delhi, India
(c) Moscow, Russia
(d) Rio de Janeiro, Brazil
Ans: (a)
Related facts:
- On 13 October 2016; Union cabinet has given its approval for signing of a Memorandum of Understanding (MoU) on General Cooperation with New Development Bank (NDB) through the BRICS Interbank Cooperation Mechanism by Government at the level of Secretary, Department of Economic Affairs/ Export Import Bank of India.
- The proposal will enhance trade and economic relations among the BRICS countries.
- There is no financial implication involved with signing of the MoU.
- The participating institutions from the BRICS nations will be benefitted by this MoU.
- The MoU is a non-binding umbrella agreement aimed at establishing a cooperation framework in accordance with the national laws and regulations.
- MoU is necessary in the context of cooperation extended by the Members in various forms for promoting and facilitating trade of goods and services as well as investments in mutual projects among the BRICS countries.
- 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)
• The bank is headquartered in Shanghai, China.
Reference:
http://economictimes.indiatimes.com/news/economy/policy/cabinet-approves-pact-between-exim-bank-new-development-bank/articleshow/54828411.cms
http://pib.nic.in/newsite/PrintRelease.aspx?relid=151616