An IBSA Trust Fund Agreement was signed between India, Brazil and South Africa to overcome poverty in the developing countries. From India IBSA Trust Fund Agreement was signed by VK Singh- Minister of State for External Affairs at 8th IBSA trilateral Ministerial Commission Meeting held in Durban.
VK Singh also had a meeting with Brazil’s Foreign Minister Aloysio Nunes Ferreira and South African Foreign Minister Maite Emily Nkoana-Mashabane, on the margins of the conclave.
What is IBSA Trust?
Under IBSA Trust is a single platform to bring together three fast growing economies India, Brazil and South Africa so as to take collective initiatives for removing poverty from three nations.
Every year each country contributes USD 1 million to the fund. UN Development Programme’s (UNDP) Special Unit for South-South Cooperation has the responsibility to manage the fund.