IBSA Fund

22.02.2024

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Why in the news? 

Recently, India has contributed USD 1 million to a fund established by India, Brazil and South Africa.

About IBSA Fund:

• It was established in 2004 and became operational in 2006.
• The IBSA countries - India, Brazil and South Africa - each contribute one million dollars annually to the Fund in a spirit of partnership and support for Southern-led, demand-driven, transformational projects in developing countries.
• The purpose of the fund is to identify replicable and scalable projects that can be disseminated to developing countries on a demand-driven basis.
• IBSA Fund-supported projects help partner countries in the Global South to achieve their national priorities, as well as all other internationally agreed development goals.
• Objectives: It includes promoting food security, addressing HIV/AIDS, and extending access to safe drinking water all to contribute to the achievement of the Sustainable Development Goals, the release said.
• The IBSA Fund has allocated USD 50.6 million to date, supporting 45 projects across 37 countries of the global South.
• The UN Office for South-South Cooperation (UNOSSC) serves as the Fund Manager and Secretariat of the IBSA Fund.

What is IBSA?

• It is a unique Forum which brings together India, Brazil and South Africa, three large democracies and major economies from three different continents, facing similar challenges.
• The grouping was formalized and named the IBSA Dialogue Forum when the Foreign Ministers of the three countries met in Brasilia on 6 June 2003 and issued the Brasilia Declaration.
• Five IBSA Leadership Summits have been held so far.
• The 5th IBSA Summit was held in Pretoria on 18 October 2011.
• India was the IBSA Chair under the theme “Democracy for Demography and Development” in 2021.
• Brazil assumed on March 2, 2023, the rotating presidency of the India, Brazil, South Africa Dialogue Forum - IBSA.        

                                                           Source:News on air