New Delhi, Nov 19: India, Brazil and South Africa are set to sign an agreement on IBSA fund for alleviation of poverty and hunger.
The Indian Cabinet has approved the signing of the tripartite agreement among the three IBSA countries.
The decision on Wednesday will help in strengthening the IBSA Fund which is a unique vehicle in the context of South-South cooperation.
The IBSA countries contribute USD one million each annually to the Fund, which till January 2015 has accumulated to USD 28.2 million, with total implemented/approved projects commitment of USD 26.2 million, and remaining USD 2.09 million available for programming.
India has so far contributed USD 9.1 million to the IBSA Fund which was set up in 2004.
The IBSA Fund undertakes development projects in third countries. The first project to be financed by the IBSA Fund was in support of agriculture and livestock development.
