Read the passage carefully and answer the following questions.

The term BRICS has become a new buzzword for the economic power transition from affluent economies to developing economies in recent times. The emergence of the BRICS economy redistributes power in the international system. BRICS nations act more as reformist and seek better representation in multilateral institutions. These nations, therefore have no interest to challenging the current international system. In 2014, BRICS countries through a treaty established the New Development Bank (NDB). The bank was established as an institutional alternative to the World Bank and the International Monetary Fund (IMF). The BRICS countries intended to challenge the west dominated institution's predominance, to increase their influence in the realm of multilateral development banks and to alter the power balance internationally and democratize the functioning of these institutions. The NDB aims to provide two types of grants, namely emergency reserves and developmental grants. Analysts argue that in this way BRICS planned to expand its influence by combining the functions of both the IMF and the world Bank.

In which year the New Development Bank was established?

2014

The correct answer is Option (1) - 2014

As per the passage:

BRICS nations act more as reformist and seek better representation in multilateral institutions. These nations, therefore have no interest to challenging the current international system. In 2014, BRICS countries through a treaty established the New Development Bank (NDB). The bank was established as an institutional alternative to the World Bank and the International Monetary Fund (IMF).