India, Brazil and South Africa have signed the IBSA Trust Fund Agreement that seeks to fight poverty in developing countries.
- The agreement was signed during 8th IBSA trilateral Ministerial Commission Meeting in Durban and it was signed by Minister of State for External Affairs V K Singh who led the Indian side.
- 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.
IBSA: India, Brazil & South Africa
- The IBSA Dialogue Forum is an international tripartite grouping for promoting international cooperation among these countries.
- It represents three important poles for galvanizing South-South cooperation and greater understanding between three important continents of the developing world namely, Africa, Asia and South America.
- On 6 June 2003, Yashwant Sinha (External affairs minister of India), Celso Amorim (Foreign minister of Brazil) and Nkosazana Dlamini-Zuma (Foreign minister of South Africa) met in Brasilia, where the IBSA Dialogue forum was formalized through the adoption of the "Brasilia Declaration".
