Consider the following statements: 1. New Development Bank has been set up by APEC. 2. The headquarters of New Development Bank is in Shanghai. Which of the statements given above is/are correct?

1. Statement 1 is incorrect. The New Development Bank (NDB), formerly referred to as the BRICS Development Bank, was established by the BRICS countries (Brazil, Russia, India, China, and South Africa). It was not set up by the Asia-Pacific Economic Cooperation (APEC) forum. 2. Statement 2 is correct. The Agreement on the New Development Bank specifies that the headquarters of the bank shall be located in Shanghai, China.