The New Development Bank, set up by the BRICS countries, is headquartered in which city?

BeijingCorrect answerYour answerNew DelhiCorrect answerYour answerShanghaiCorrect answerYour answerJohannesburgCorrect answerYour answer

Show the answer and explanation

CorrectNot quiteAnswer C

Correct answer: C

The New Development Bank has its headquarters in Shanghai.
It was agreed at the BRICS summit in Fortaleza in 2014 and began operations in 2015.
Beijing is the headquarters of a different institution, the Asian Infrastructure Investment Bank.

Worth noting

Its first President was from India, and each of the five founding members holds an equal share, unlike at the IMF or the World Bank.

Ten questions from Indian Economy & Institutions, at your own pace.

Explanation