The correct answer is: D. Ufa, Russia (2015)
The New Development Bank (NDB) is a multilateral development bank established by the BRICS countries (Brazil, Russia, India, China, and South Africa). The NDB was founded in 2014 with the goal of financing infrastructure and sustainable development projects in BRICS and other emerging market countries. The NDB has its headquarters in Shanghai, China.
The NDB was established at the BRICS summit held in Ufa, Russia in July 2015. The agreement to establish the NDB was signed by the leaders of the BRICS countries. The NDB’s initial authorized capital was $100 billion, which was increased to $500 billion in 2017.
The NDB has approved loans for a number of projects in BRICS and other emerging market countries. These projects include the construction of a highway in Brazil, a power plant in India, and a railway in South Africa. The NDB has also provided loans for projects in other countries, such as Argentina, Bangladesh, and Egypt.
The NDB is a significant development in the global financial system. It is the first multilateral development bank to be established by emerging market countries. The NDB has the potential to play a major role in financing infrastructure and sustainable development projects in emerging market countries.
The other options are incorrect because:
- A. New Delhi, India (2012): The BRICS leaders met in New Delhi in 2012, but they did not sign an agreement to establish a New Development Bank.
- B. Durban, South Africa (2013): The BRICS leaders met in Durban in 2013, but they did not sign an agreement to establish a New Development Bank.
- C. Fortaleza, Brazil (2014): The BRICS leaders met in Fortaleza in 2014, but they did not sign an agreement to establish a New Development Bank.