Cabinet approves IBSA fund on alleviation of poverty, hunger

New Delhi, Nov 18 (IANS The union cabinet on Wednesday 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," an official statement said.

"The IBSA countries contribute $1 million each annually to the fund, which till January 2015 has accumulated to $28.2 million, with total implemented/approved projects commitment of $26.2 million, and remaining $2.09 million available for programming. India on its part has contributed $9.1 million so far to the Fund," it added.

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 statement said.

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 launched in June 2003, was conceived as a forum for cooperation among three vibrant democracies of the South that are recognised as having global relevance and impact.