UPSC 2013 CDS 2 GK Paper

Establishment of a New Development Bank (NDB) was a major decision taken at the fifth BRICS summit held recently. The NDB is a multilateral bank created by BRICS nations viz. Brazil, Russia,India, China and South Africa. The goal of the bank is to fund infrastructure projects in emerging economies for sustainable development. It will start its operations in July 2015 with initialauthorized capital of $100 billion. It is headquartered in Shanghai, China.