The New Development Bank is associated with which of the following international organisation?
Show answer & explanation
Correct answer: A
Explanation
The New Development Bank (NDB) belongs to the BRICS organization.
It was formerly known as the 'BRICS Bank'. It was established by the BRICS countries (Brazil, Russia, India, China, and South Africa) with the aim of mobilizing resources for infrastructure and sustainable development projects in emerging economies.
New Development Bank (NDB):
Establishment: The agreement for its establishment was reached during the Sixth BRICS Summit in 2014 (Fortaleza Declaration, Brazil) and it began operations in 2015.
Headquarters: Shanghai, China.
First President: K.V. Kamath of India was its first President.
Current Members: In addition to the founding countries of BRICS, countries like Egypt, the United Arab Emirates, and Uruguay have also become members.