BRICS cooperation is also marked by the development of the New Development Bank (NDB), which was established in _____.
Answer & explanation
Correct answer: option 4
The correct answer is Option (4) → 2014
The New Development Bank was set up by Brazil, Russia, India, China and South Africa through the agreement signed at the sixth BRICS summit at Fortaleza, Brazil, in July 2014. It funds infrastructure and sustainable development projects in the member countries and other developing economies, and has its headquarters in Shanghai; its first president was the Indian banker K. V. Kamath.