(THE GIST OF PIB) IBSA Fund

(FEBRUARY-2024)

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

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.

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 formalised 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.