Which of the following initiatives was launched by the BRICS countries?
Show answer & explanation
Correct answer: B
Explanation
Answer: The New Development Bank (NDB)
Explanation: The New Development Bank (NDB) was established by the BRICS countries (Brazil, Russia, India, China, and South Africa) to support infrastructure and sustainable development projects in emerging economies. It was created as an alternative financial institution to provide funding without the strict conditions often associated with institutions like the IMF and World Bank.
Additional Key Facts:
Founded in 2014 at the BRICS Summit in Fortaleza, Brazil.
Headquarters is in Shanghai, China.
Initially focused on funding infrastructure and renewable energy projects.
Each BRICS member has equal voting rights in the bank.
Often called the “BRICS Bank.”
Other Options Clarified:
NATO → Military alliance (not related to BRICS).
WTO → Global trade organization.
IMF → International financial institution established after Bretton Woods Agreement.
Potential Exam-Oriented Questions & Answers:
Question: Where is the headquarters of NDB located?
Answer: Shanghai, China.
Question: What is the main purpose of the New Development Bank?
Answer: Financing infrastructure and sustainable development projects.