Cabinet approves signing of Tripartite Agreement among India, Brazil and South Africa (IBSA) on the IBSA Fund for the Alleviation of Poverty and Hunger
The IBSA Dialogue Forum launched in June 2003, conceived as a forum for cooperation among three vibrant democracies of the South ( India , Brazil and South Africa ) that are recognized as having global relevance and impact. All three are developing nations with pluralistic, multicultural, multi-ethnic, multilingual and multi-religious societies.
At thus backdrop, 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. The IBSA countries contribute US$1 million each annually to the Fund, which till January 2015 has accumulated to US$28.2 million, with total implemented/approved projects commitment of US$26.2 million, and remaining US$2.09 million available for programming. India on its part has contributed US$9.1 million so far to the Fund.
The IBSA Fund undertakes development projects in third countries. 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. This indicates the importance and recognition of the IBSA Fund in the context of South South developmental cooperation.
The IBSA Fund for the Alleviation of Poverty and Hunger was set up in 2004 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.