Question 1

Which multilateral development bank has been set up by BRICS as an alternative to the World Bank and the International Monetary Fund?

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A new bank dedicated to the emerging BRICS countries opened for business in China's commercial hub of Shanghai on Tuesday, the official Xinhua news agency reported. The so-called emerging BRICS countries are made up of Brazil, Russia, India, China and South Africa, and their "New Development Bank" has been seen as a challenge to the Washington-based International Monetary Fund and World Bank.

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