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India, Brazil, South Africa sign IBSA Trust Fund Agreement

Published on October 21, 2017
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".

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