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India approves signing of agreement to strengthen IBSA Fund

India approves signing of agreement to strengthen IBSA Fund
November 18
19:18 2015

New Delhi, Nov 18 (IANS) The union cabinet on Wednesday approved the signing of a tripartite agreement between India, Brazil and South Africa (IBSA) on IBSA Fund for alleviation of poverty and hunger, an official said.

The decision would help strengthen IBSA Fund, a “unique vehicle in the context of South-South cooperation”, an official statement here said.

The IBSA countries contribute $1 million each annually to the fund, which till January 2015 had accumulated to $28.2 million.

The fund’s commitment for implemented/approved projects was pegged at $26.2 million at present.

“As much as $2.09 million was available for programming. India on its part has contributed $9.1 million to the fund so far,” the statement said.

The IBSA Fund undertakes developmental projects in third world countries

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