IBSA FUND (Syllabus: GS Paper 2 – IR)

News-CRUX-10     21st February 2024        
output themes

Context: India recently contributed 1 million US Dollars to the Poverty and Hunger Alleviation Fund established by India, Brazil, and South Africa, IBSA.


IBSA Facility for Poverty and Hunger Alleviation (IBSA Fund)

  • About: It stands as a testament to collaborative efforts aimed at eradicating poverty and hunger, fostering sustainable development, and achieving the SDGs by 2030.
  • Established in: 2004, operational since 2006.
  • Founding Members: India, Brazil, and South Africa, collectively known as IBSA countries.
  • Objective: Aimed at identifying replicable and scalable projects to combat poverty and hunger.
  • Southern-Led Initiatives: Supports Southern-led, demand-driven projects that aim for transformation in developing countries.
  • Fund Management: Managed by the United Nations Office for South-South Cooperation (UNOSSC).
  • Financial Contributions: Each IBSA country contributes 1 million USD annually.

oIndia's total contribution exceeds 18 million USD.

  • Project Support: Collaborates with local governments, national institutions, and implementing partners.

oProjects encompass various areas such as food security, HIV/AIDS prevention, and safe drinking water access.


IBSA

  • About: IBSA stands for India, Brazil, and South Africa, a unique forum uniting three major democracies and economies from distinct continents. It serves as a platform for these countries, which encounter similar challenges despite their diverse backgrounds.
  • Participating Countries: India, Brazil, and South Africa are all developing nations characterized by pluralism, multiculturalism, multi-ethnicity, multilinguality, and multireligiosity.
  • Formation of the IBSA: The IBSA Dialogue Forum was formalized following a meeting of the Foreign Ministers from India, Brazil, and South Africa in Brasilia on June 6, 2003.

oThe Brasilia Declaration, issued during this meeting, established the framework and objectives of the IBSA Dialogue Forum.

  • India's Role as the Current IBSA Chair: India holds the position of the current Chair of the IBSA Forum, reflecting its commitment and leadership within the trilateral partnership.
Samadhaan