The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the signing of the Tripartite Agreement among India, Brazil and South Africa (IBSA), on the IBSA Fund for the Alleviation of Poverty and Hunger.
- The decision will help in strengthening the IBSA Fund which is a unique vehicle in the context of South-South cooperation.
About IBSA fund
The IBSA Fund for the Alleviation of Poverty and Hunger was established in 2004 and operationalized in 2006. The IBSA Fund undertakes development projects in third countries.
IBSA fund managed by Special Unit for South-South Cooperation (SU-SSC) hosted by the United Nations Development Programme (UNDP).
- It was set up as one of the three pillars of cooperation under the IBSA Dialogue Forum.
- The other two pillars are consultation and coordination on global political issues and trilateral collaboration in concrete areas and projects.
- The first project to be financed by the IBSA Fund was in support of agriculture and livestock development.
- The IBSA Fund was conferred the South-South Partnership Award at the 2006 UN Day event held in New York in December 2006.
Contribution of IBSA countries
The IBSA countries contribute US$ 1 million each annually to the fund, which till January 2015 has accumulated to US$ 28.2 million.
- Total approved projects commitment of US$ 26.2 mn.
- Remaining US$ 2.09 mn available for programming
- India’s contribution so far – US$ 9.1 mn
About IBSA Dialogue Forum
It was in June 2003 through “Brasilia Declaration” signed by foreign ministers of India, Brazil and South Africa. The forum aims to promote South-South cooperation and build consensus on issues of international importance
- The first IBSA summit was held in September, 2006 at Brasilia, Brazil.