Which city hosted the 47th Board of Directors Meeting of the New Development Bank (NDB) on May 30, 2025?
Show answer & explanation
Correct answer: C
Explanation
Answer: (C) Shanghai
Explanation –
The New Development Bank (NDB), also known as the BRICS Bank, is headquartered in Shanghai, China. Its 47th Board of Directors meeting, held on May 30, 2025, concluded in Shanghai. The primary objective of this meeting was to ensure financial assistance for infrastructure and sustainable development projects in member countries amidst global economic uncertainties.
The NDB was established during the 2014 Fortaleza Summit (Brazil). This bank has emerged as an alternative to Western institutions such as the World Bank and the IMF. It is currently led by former Brazilian President Dilma Rousseff. India is one of the founding members of this bank, and its first president (K.V. Kamath) hailed from India.
Additional Points –
Johannesburg: The 15th BRICS Summit was held here in 2023, where the expansion of BRICS (adding 6 new members) was announced.
Beijing: The headquarters of the AIIB (Asian Infrastructure Investment Bank) is located here.
New Members: Egypt, the United Arab Emirates (UAE), and Bangladesh have recently been admitted as new members of the NDB.
Potential Exam Questions and Answers –
Question: Who was the first president of the New Development Bank (NDB)?
Answer: K.V. Kamath (India).
Question: Which are the newest countries to join the BRICS organization?
Answer: Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE (effective from January 2024).