India, Brazil and South Africa are set to sign an agreement on IBSA fund for alleviation of poverty and hunger.
The Union Cabinet today approved the signing of the tripartite agreement among the three IBSA countries.
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.
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The IBSA countries contribute USD one million each annually to the Fund, which till January 2015 has accumulated to USD 28.2 million, with total implemented/approved projects commitment of USD 26.2 million, and remaining USD 2.09 million available for programming.
India on its part has contributed USD 9.1 million so far to the IBSA Fund.
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 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.
