The Fund has successfully secured a significant portion of its initial target of $400 million, predominantly through contributions from member states.
The African Development Bank firmly supports the revitalization of the African Union (AU) Peace Fund. The Bank pledges to continue implementing innovative strategies to address fragility and build resilience across the continent.
Mrs. Marie-Laure Akin-Olugbade, the Bank’s Vice President for Regional Development, Integration, and Business Delivery
Mrs. Marie-Laure Akin-Olugbade, the Bank’s Vice President for Regional Development, Integration, and Business Delivery, made this statement during a high-level meeting on Saturday aimed at mobilizing resources for the AU Peace Fund. The event was held on the sidelines of the AU’s 6th Mid-Year Coordination Meeting in Accra.
Akin-Olugbade outlined several initiatives undertaken by the African Development Bank to promote peace in Africa, including technical assistance to the Peace Fund. She underscored the Bank's focus on developing human capital, strengthening institutions, and fostering inclusive governance in conjunction with infrastructure and economic growth. "These programs not only stimulate economic growth but also address the underlying causes of conflict by promoting inclusivity and empowering marginalized groups," she emphasized.
She mentioned the issuance of Security Indexed Investment Bonds, an innovative financial instrument designed to mobilize resources for peacebuilding and development. The Bank is also launching Youth Entrepreneurship Investment Banks to empower young entrepreneurs and provide substantial support for women-led businesses through the Affirmative Finance Action for Women in Africa (AFAWA) initiative. This will foster economic stability, enhance livelihoods, and bolster social inclusion.
The African Union Commission's Chairman, Moussa Faki Mahamat, shared that the Fund has nearly reached its initial goal of $400 million, primarily through contributions from member states. He expressed appreciation for their commitment to the Fund, especially in light of the current global challenges.
“This achievement reflects members’ unity and determination,” Mahamat said, urging continued momentum to build on these successes.
Mahamat called on the private sector, multilateral financial institutions, state-owned enterprises, high-net-worth individuals, and philanthropists to support the Fund, emphasizing that "peace is the business of all of us."
The Director of the AU Peace Fund, Dagmawit Moges, made an announcement regarding the establishment of an independent evaluation group within the organization's management structure. The purpose of this group is to conduct assessments of Peace Fund disbursements. The composition of the group will include two representatives from each region of Africa, as well as representatives from the African Development Bank Group and Afreximbank.
“We are implementing a robust organizational strategy to secure commitments from the public sector, multilateral institutions, as well as residents and the diaspora,” Moges said, adding that in the past three months, the AU has successfully engaged the private sector and other organs in five member states – Kenya, Egypt, Nigeria, South Africa, and Cameroon. This engagement has led to stronger partnerships supporting the Fund’s activities. She commended the AU Staff Association for voluntarily contributing to the Fund.
The conference convened ministers from African member states, diplomats, business leaders, private sector operators, representatives of pan-African organizations and regional economic blocs, commercial banks, and development finance institutions.
The event on Saturday not only served as a platform to revitalize resource mobilization for the Fund but also showcased the vibrant culture of a self-determined Africa, featuring music, dancing, and tributes to prominent pan-Africanists, including Dr. Kwame Nkrumah, who led Ghana to independence and subsequently became the country's first president.