1 Mn US Dollars to Poverty and Hunger Alleviation Fund Given by India

Utkarsh Classes Last Updated 06-03-2024

1 Mn US Dollars to Poverty and Hunger Alleviation Fund Given by India

International news 4 min read

India has contributed one million US dollars to the Poverty and Hunger Alleviation Fund, which was established by India, Brazil, and South Africa (IBSA) to alleviate poverty and hunger.

The cheque was handed over by India's Permanent Representative to the United Nations, Ambassador Ruchira Kamboj, to the Director of the United Nations Office for South-South Cooperation (UNOSSC), Dima Al-Khatib.

About IBSA Fund

The IBSA Fund is an initiative established jointly by India, Brazil, and South Africa in March 2004.
It became operational in 2006 with the ultimate goal of identifying replicable and scalable projects that can be disseminated to developing countries as examples of best practices in combating poverty and hunger on a demand-driven basis.
The projects supported by the IBSA Fund help partner countries in the Global South to achieve their national priorities, as well as other internationally agreed development goals.
Since it was established, the IBSA Fund has distributed over $44 million and supported 35 development projects in 31 countries.As of 2020, there are a total of 8 ongoing projects, 24 completed projects, and 4 projects under preparation for implementation.
India has been a consistent contributor to the IBSA fund, having donated US$15.1 million to date.
It is understood that partner countries sponsor projects that correspond to the proportion of their contribution to the fund.
The fund particularly appeals to small states seeking funding for small and medium-sized projects, and it has proved to be a useful outreach tool in cases where bilateral development projects are not feasible.

About IBSA

IBSA stands for India, Brazil, and South Africa. The three countries are large democracies and major economies from three different continents, but they face similar challenges. All three nations are developing, pluralistic, multi-cultural, multi-ethnic, multi-lingual, and multi-religious.
The group was formalized and named the IBSA Dialogue Forum when the foreign ministers of the three countries met in Brasilia on June 6, 2003, and issued the Brasilia Declaration.
Five IBSA Leadership Summits have been held till date, the 5th IBSA Summit took place in Pretoria on October 18, 2011. India was the IBSA Chair in 2021 under the theme "Democracy for Demography and Development."
On March 2, 2023, India gave the rotating presidency to Brazil.
IBSA comprising three democratic, multiethnic, and multicultural countries, the grouping completed 20 years in 2023.
The Brazilian Presidency plans to strengthen IBSA through political coordination, trilateral cooperation, and collaboration with other developing countries via the IBSA Fund.