Regional Banks — Set 1

Correct Answer: A. Mandaluyong

• **Mandaluyong** = The Asian Development Bank (ADB) is headquartered in Mandaluyong, Philippines. • **1966** — ADB was established in **1966** to promote social and economic development in Asia and the Pacific. • 💡 Wrong-option analysis: Tokyo: Not the headquarters of ADB; Beijing: Headquarters of the Asian Infrastructure Investment Bank (AIIB); Singapore: A major financial hub, but not ADB's headquarters.

Correct Answer: D. AfDB

• **AfDB** = The African Development Bank (AfDB) primarily focuses on fostering economic growth and social progress across the African continent. • **1964** — The AfDB was founded in **1964** to foster economic growth and social progress across the continent. • 💡 Wrong-option analysis: IDB: Focuses on Latin America and the Caribbean; EBRD: Focuses on Europe and Central Asia; AIIB: Focuses on Asia.

Correct Answer: A. 2014

• **2014** = The New Development Bank (NDB), formerly known as the BRICS Development Bank, was established in **2014**. • **2014** — The NDB was established in **2014** during the sixth BRICS summit in Fortaleza, Brazil. • 💡 Wrong-option analysis: 2012: The 4th BRICS summit was held, but NDB was not established; 2010: South Africa joined BRIC, but NDB was not yet established; 2016: The year the Asian Infrastructure Investment Bank (AIIB) officially began operations.

Correct Answer: D. EBRD

• **EBRD** = The European Bank for Reconstruction and Development (EBRD) assists former communist countries in Europe and Central Asia in transitioning to market economies. • **1991** — The EBRD was founded in **1991** following the fall of the Iron Curtain. • 💡 Wrong-option analysis: EIB: Lending institution of the European Union; IDB: Focuses on Latin America and the Caribbean; ADB: Focuses on Asia and the Pacific.

Correct Answer: A. Latin America and Caribbean

• **Latin America and Caribbean** = The Inter-American Development Bank (IDB) primarily serves the Latin America and Caribbean region. • **1959** — The IDB was established in **1959** to reduce poverty and inequality by promoting sustainable economic growth. • 💡 Wrong-option analysis: Middle East: Served by other regional banks like IsDB; Africa: Served by the African Development Bank (AfDB); Eastern Europe: Served by the European Bank for Reconstruction and Development (EBRD).

Correct Answer: D. 2016

• **2016** = The Asian Infrastructure Investment Bank (AIIB) officially began its operations in **2016**. • **2016** — The AIIB officially started its operations in January **2016** after the articles of agreement entered into force. • 💡 Wrong-option analysis: 2014: The year the New Development Bank (NDB) was established; 2015: The year the Agreement establishing the AIIB was signed; 2017: A year after AIIB began operations, not its start year.

Correct Answer: A. OIC

• **OIC** = The Islamic Development Bank (IsDB) was founded by the Finance Ministers of the Organisation of Islamic Cooperation (OIC). • **1973** — The Islamic Development Bank was founded in **1973** by the Finance Ministers of the OIC. • 💡 Wrong-option analysis: OPEC: An organization of oil-exporting countries, not a development bank; ASEAN: Focuses on Southeast Asia; SAARC: Focuses on South Asia.

Correct Answer: D. European Union

• **European Union** = The European Investment Bank (EIB) is the long-term lending institution of the **European Union**. • **1958** — The EIB was established in **1958** under the Treaty of Rome to support the EU's policy goals. • 💡 Wrong-option analysis: United Nations: A global intergovernmental organization, not directly affiliated with EIB; G7: An intergovernmental political forum, not EIB's parent entity; OECD: An intergovernmental economic organization, not EIB's parent entity.

Correct Answer: D. Wildey, Barbados

• **Wildey, Barbados** = The Caribbean Development Bank (CDB) is headquartered in Wildey, Saint Michael, Barbados. • **1969** — The CDB was established in **1969** to help harmonious economic growth and development of its member countries in the Caribbean. • 💡 Wrong-option analysis: Kingston, Jamaica: A major Caribbean city, but not CDB's headquarters; Nassau, Bahamas: The capital of the Bahamas, not CDB's headquarters; Port of Spain, Trinidad: Capital of Trinidad and Tobago, not CDB's headquarters.

Correct Answer: A. EIB

• **EIB** = The European Investment Bank (EIB) has its main office in Luxembourg city. • **1958** — The EIB, headquartered in Luxembourg, was established in **1958** to support the European Union's policy goals. • 💡 Wrong-option analysis: EBRD: Headquarters in London, UK; IsDB: Headquarters in Jeddah, Saudi Arabia; NIB: Headquarters in Helsinki, Finland.