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Consider the following statements:

1. New Development Bank has been set up by APEC.
2. The headquarters of New Development Bank is in Shanghai.

Which of the statements given above is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2



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The New Development Bank (NDB), also known as the BRICS Development Bank, was established by the BRICS countries (Brazil, Russia, India, China, and South Africa) and not by APEC (Asia-Pacific Economic Cooperation). The headquarters of the New Development Bank is located in Shanghai, China.


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