The African Union (AU) on Saturday launched a peace fund aimed to promote peace and security in Africa.
Speaking at the launching ceremony of the AU peace fund, Rwandan President and current AU Chairperson Paul Kagame, said the fund will work towards ensuring that peace and security challenges are solved by African mechanisms.
Kagame was speaking on the sidelines of the 11th AU extraordinary summit of heads of state from November 17-18, currently being held in the Ethiopian capital Addis Ababa.
“The peace fund would work at a starting budget of around US$100 million annually, with AU member states so far contributing US$60 million to the peace fund,” said Kagame.
Kagame praised 42 AU member states who contributed to their share of the peace fund while he urged the 12 remaining AU member states to fill the remaining quota.
Moussa Faki Mahamat, AU Commissioner, for his part said the peace fund will be overseen by a board of trustees comprising five esteemed African personalities and two development partners: the European Union and the United Nations.
“The board of trustees would have a five-year term, with the option of extending it for another five-year term, and will monitor the proper utilization of finances for peace and security activities,” said Mahamat.
The AU hopes to use the peace fund to work towards conflict avoidance, peace support and post conflict reconstruction talks.