Why in News?
- India recently contributed USD 1 million to the IBSA Fund, highlighting its commitment to fostering cooperation among emerging economies. This fund supports joint projects in trade, technology, and sustainable development, aligning with shared goals of India, Brazil, and South Africa.
About IBSA Fund
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Establishment and Operationalization:
- The IBSA Fund was established in 2004 and became operational in 2006.
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Annual Contributions:
- Each of the IBSA countries – India, Brazil, and South Africa contributes one million dollars annually to the Fund, demonstrating a spirit of partnership and support for Southern-led, demand-driven, transformational projects in developing countries.
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Purpose:
- The fund aims to identify replicable and scalable projects that can be disseminated to developing countries on a demand-driven basis.
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Support for National and International Development Goals:
- IBSA Fund-supported projects assist partner countries in the Global South in achieving their national priorities and internationally agreed development goals.
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Objectives:
- The objectives of the fund include promoting food security, addressing HIV/AIDS, and extending access to safe drinking water, all contributing to the achievement of the Sustainable Development Goals.
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Allocation and Impact:
- The IBSA Fund has allocated USD 50.6 million to date, supporting 45 projects across 37 countries of the global South.
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Management:
- The UN Office for South-South Cooperation (UNOSSC) serves as the Fund Manager and Secretariat of the IBSA Fund.
What is IBSA?
- Formation and Purpose:
- The IBSA Dialogue Forum was established to unite India, Brazil, and South Africa, three major democracies and economies facing similar challenges despite being from different continents. It was formalized with the Brasilia Declaration on June 6, 2003, signifying a commitment to cooperative efforts.
- Leadership Summits:
- Since its inception, IBSA has convened five Leadership Summits, providing opportunities for high-level discussions and strategic planning to advance mutual interests and goals.
- 5th IBSA Summit:
- The 5th IBSA Summit, held in Pretoria on October 18, 2011, served as a platform for the member countries to review progress, discuss challenges, and identify new avenues for collaboration across various sectors.
- IBSA Chairmanship:
- In 2021, India assumed the IBSA Chairmanship, focusing on the theme “Democracy for Demography and Development.” This leadership role allowed India to steer the agenda and initiatives of the forum, emphasizing democratic values and sustainable development.
- Rotating Presidency:
- Brazil took over the rotating presidency of the India, Brazil, South Africa Dialogue Forum (IBSA) on March 2, 2023, continuing the tradition of collaborative leadership among the member nations. This presidency enables Brazil to facilitate dialogue, coordinate activities, and strengthen partnerships within the IBSA framework.
People also ask
Q1. What is IBSA?
Ans: IBSA stands for India, Brazil, and South Africa. It is a trilateral forum aimed at fostering cooperation and collaboration among these three major democracies and economies from different continents.
Q2. When was IBSA formalized?
Ans: The IBSA Dialogue Forum was formalized when the Foreign Ministers of India, Brazil, and South Africa met in Brasilia on June 6, 2003, and issued the Brasilia Declaration.
Q3. What is the purpose of IBSA?
Ans: The primary purpose of IBSA is to provide a platform for the three countries to address common challenges, share experiences, and collaborate on various issues including but not limited to trade, technology, sustainable development, and international affairs.
4. How many IBSA Leadership Summits have been held?
Ans: Five IBSA Leadership Summits have been held since the establishment of the forum.
5. What is the IBSA Fund?
Ans: The IBSA Fund is a financial mechanism established by India, Brazil, and South Africa to support Southern-led, demand-driven, transformational projects in developing countries. Each member country contributes one million dollars annually to the fund.
6. What types of projects does the IBSA Fund support?
Ans: The IBSA Fund supports projects aimed at promoting food security, addressing HIV/AIDS, extending access to safe drinking water, and achieving other internationally agreed development goals.
