Political Science · International Relations
UGC NET November 2017 Political Science
Which one of the following statements is incorrect?
AThe New Development Bank is a multilateral development bank established by BRICS
BThe Asian Infrastructure Investment Bank is an initiative of China
CThe WTO recognises least developed countries as those designated as such by the UN
DThe International Finance Corporation offers political risk insurance and encourages private-sector development in developing countries ✓ Correct
Correct answer: (D) The International Finance Corporation offers political risk insurance and encourages private-sector development in developing countries — The incorrect statement is the one about the International Finance Corporation.
Explanation
★The incorrect statement is the one about the International Finance Corporation.
★Political risk insurance is offered by the Multilateral Investment Guarantee Agency, not the IFC.
★The IFC promotes private-sector investment but does not provide that insurance.
★The New Development Bank was indeed established by BRICS, so that is correct.
★The Asian Infrastructure Investment Bank is indeed a Chinese initiative, so that is correct.
★The WTO does use the UN list of least developed countries, so that is correct.
★So only the claim about the IFC and political risk insurance is wrong.
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