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

IBSA FUND

• Trilateral development initiative established by the governments of India, Brazil, and South Africa in 2004(operational since 2006)
• Aim of the fund is to promote South-South cooperation and assist other developing countries in their development efforts
• Focuses on supporting projects in areas such as agriculture and rural development, health, education, energy, and information technology
• Each member country contributes to the fund, and the projects are typically implemented in collaboration with the recipient countries

IBSA

• Unique Forum which brings together India, Brazil and South Africa, three large democracies and major economies from three different continents, facing similar challenges.
• 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.
• 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.