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Union Cabinet approved signing of Tripartite Agreement on IBSA Fund for Poverty Alleviation

The decision will help in strengthening the IBSA Fund which is a unique vehicle in the context of South-South cooperation.

Nov 18, 2015 18:01 IST
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The Union Cabinet on 18 November 2015 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.

IBSA Fund
• The IBSA countries contribute 1 million US dollars each annually to the Fund, which till January 2015 has accumulated to 28.2 million US dollars, with total implemented/approved projects commitment of 26.2 million US dollars.
• Remaining 2.09 million US dollars is available for programming.
• India on its part has contributed 9.1 million US dollars 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.
• It was conferred with the South-South Partnership Award at the 2006 UN Day event held in New York in December 2006.

Background:

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.

The IBSA Dialogue Forum was launched in June 2003 as a forum for cooperation among three vibrant democracies of the South that is India, Brazil and South Africa. All three are developing nations with pluralistic, multi-cultural, multi-ethnic, multi-lingual and multi-religious societies.

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