Poverty is the biggest problem all around the world, especially in developing countries. So a step taken by the group of countries India, Brazil and South Africa signed the IBSA Trust Fund Agreement that seeks to fight poverty in developing countries.
The agreement was signed by Minister of State for External Affairs V K Singh who led the Indian side at the 8th IBSA trilateral Ministerial Commission Meeting in Durban.
India, Brazil and South Africa have signed the IBSA Trust Fund Agreement that seeks to fight poverty in developing countries. The agreement was signed at the 8th IBSA trilateral Ministerial Commission Meeting in Durban.
About IBSA Trust Fund
The IBSA Trust Fund brings together the three emerging economies of India, Brazil and South Africa to combat poverty in other developing countries. Each country contributes USD 1 million annually to this fund which is managed by the UN Development Programmes (UNDP) Special Unit for South-South Cooperation.
THE INDIA-BRAZIL-SOUTH AFRICA DIALOGUE FORUM
Established in June 2003, IBSA is a coordinating mechanism amongst three emerging countries, three multiethnic and multicultural democracies, which are determined to:
- Contribute to the construction of a new international architecture.
- Bring their voice together on global issues.
- Deepen their ties in various areas.
- IBSA also opens itself to concrete projects of cooperation and partnership with less developed countries.
- The establishment of IBSA was formalised by the Brasilia Declaration of 6 June 2003, which mentions India, Brazil and South Africa’s democratic credentials, their condition as developing nations and their capacity of acting on a global scale as the main reasons for the three countries to come together.
- Their status as middle powers, their common need to address social inequalities within their borders and the existence of consolidated industrial areas in the three countries are often mentioned as additional elements that bring convergence among the members of the Forum.