Context:
Recently, India has contributed USD 1 million to a fund established by India, Brazil and South Africa.
Relevance:
GS II: International Relations
Dimensions of the Article:
- IBSA Forum
- IBSA Fund
IBSA Forum
- The IBSA Forum is a trilateral development initiative between India, Brazil, and South Africa that aims to promote cooperation and solidarity among these three countries. Here is a breakdown of the different aspects of the IBSA Forum:
- The IBSA Forum was established in 2003 as a response to the need for closer cooperation among emerging market countries to promote development, reduce poverty, and address issues of global governance.
- The name IBSA comes from the first letter of each country’s name.
Objectives:
The main objectives of the IBSA Forum are to strengthen the South-South cooperation and promote the interests of developing countries in the global arena. Some of the specific objectives include:
- Enhancing cooperation in the areas of trade and investment, agriculture, science and technology, and information and communication technology.
- Promoting cooperation in multilateral fora such as the United Nations, the World Trade Organization, and the G20.
- Sharing experiences and best practices in areas such as poverty reduction, health, education, and social welfare.
- Supporting peacekeeping and conflict resolution efforts in different parts of the world.
- Promoting cultural exchanges and people-to-people contacts.
IBSA Fund
- Development projects are executed with IBSA funding in fellow developing countries through the IBSA Fund (India, Brazil and South Africa Facility for Poverty and Hunger Alleviation).
- Established in 2004, IBSA Fund is managed by the United Nations (UN) Office for South-South Cooperation (UNOSSC). Each IBSA member country is required to contribute $1 million per annum to the fund.
- Over the years, the fund has contributed $39 million and partnered in 19 countries from global South to implement 26 projects.
- Projects have been funded in countries such as Guinea Bissau, Sierra Leone, Cape Verde, Burundi, Cambodia, Haiti, Palestine, Vietnam and others.
- The fund has also been recognised for its good work in the field and has received UN South-South Partnership award 2006, UN MDG (Millenium Development Goals) award 2010, and the South-South and Triangular Cooperation Champions award in 2012.
