Question : The BRICS New Development Bank (NDB) has been set up for
Option 1: funding infrastructure projects in emerging economies for sustainable development.
Option 2: funding non-infrastructure projects in emerging economies for sustainable development.
Option 3: funding infrastructural projects in developed countries.
Option 4: funding infrastructural projects in BRICS countries only.
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Correct Answer: funding infrastructure projects in emerging economies for sustainable development.
Solution : The correct answer is funding infrastructure projects in emerging economies for sustainable development.
The New Development Bank (NDB) was founded during the 2014 Sixth BRICS Summit in Fortaleza, Brazil, with its headquarters situated in Shanghai, China. Its main objective is to fund infrastructure and sustainable development projects in member nations and emerging economies. Additionally, it complements existing multilateral development banks by focusing on underserved or underinvested areas, emphasizing environmentally sustainable projects that facilitate social and economic progress.
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