Indian Institute of Foreign Trade 2015 Solved Paper

Question : 97 of 124

Marks: +1, -0

Which multilateral development bank has been set up by BRICS as an alternative to the World Bank and the international Monetary Fund?

The New Development Bank
The Asian Developments Bank
The Bank for Emerging Nations
The Economic Cooperation Bank

Validate

Solution:

(a) The New Development Bank is a multilateral development bank operated by the BRICS states as an alterantive to the World Bank & IMF. The NDB came into an agreement to support public or private projects througth loans, guarantees, equilty participation and other financial instruments. The BRICS states signed the Agreement of the NDB in 6

^\th

BRICS Summit held in Brazil in July 2014.

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