Question

Consider the following statements regarding recently established multilateral financial institutions:-

Choose the correct statements:-

• A. 1 and 3 only
• B. 1, 3 and 4 only
• C. 1, 2 and 3 only
• D. All of these

Answer 1

The correct option is A

1 and 3 only

The New Development Bank (NDB), formerly referred to as the BRICS Development Bank is a multilateral development bank operated by the BRICS states (Brazil, Russia, India, China and South Africa) as an alternative to the existing American and European-dominated World Bank and International Monetary Fund. The goal of the bank is to "mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries". The bank is headquartered in Shanghai, China.Each participant country holds an equal number of shares and equal voting rights, and none of the countries will have veto power The Asian Development Bank has five core areas of operation-Infrastructure, environment (including climate change) regional cooperation and Integration, finance sector development and Education.

Thus only 1 and 3 statements are correct while 2^nd and 4^th statements are incorrect.