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Consider the following statements regarding the India, Brazil and South Africa (IBSA) Fund:
1. It is used to support demand-driven, transformational projects in developing countries.
2. The World Bank serves as the Secretariat of the IBSA Fund.
Which of the statements given above is/are correct?
  • a)
    1 only
  • b)
    2 only
  • c)
    Both 1 and 2
  • d)
    Neither 1 nor 2
Correct answer is option 'A'. Can you explain this answer?
Most Upvoted Answer
Consider the following statements regarding the India, Brazil and Sout...
Recently, India has contributed USD 1 million to a fund established by India, Brazil and South Africa. 
  • It was established in 2004 and became operational in 2006.
  • The IBSA countries - India, Brazil and South Africa - each contribute one million dollars annually to the Fund in a spirit of partnership and support for Southern-led, demand-driven, transformational projects in developing countries.
  • The purpose of the fund is to identify replicable and scalable projects that can be disseminated to developing countries on a demand-driven basis.
  • IBSA Fund-supported projects help partner countries in the Global South to achieve their national priorities, as well as all other internationally agreed development goals.
  • Objectives: It includes promoting food security, and addressing HIV/AIDS, to extending access to safe drinking water all to contribute to the achievement of the Sustainable Development Goals.
  • The IBSA Fund has allocated USD 50.6 million to date, supporting 45 projects across 37 countries of the global South.
  • The UN Office for South-South Cooperation (UNOSSC) serves as the Fund Manager and Secretariat of the IBSA Fund.
Hence only statement 1 is correct.
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Consider the following statements regarding the India, Brazil and South Africa (IBSA) Fund:1. It is used to support demand-driven, transformational projects in developing countries.2. The World Bank serves as the Secretariat of the IBSA Fund.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'A'. Can you explain this answer?
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