Windhoek - The African Union (AU) is targeting 2020 as the year to finally operationalise the Peace Fund, which is earmarked to help maintain peace on the continent.
Despite 50 AU member states having contributed US$131 million since 2017, the AU has not been able to operationalise the Peace Fund.
This represents the highest member state contribution to the AU Peace Fund since the establishment of the fund in 1993. The amount is expected to gradually increase to US$400 million by 2021.
Once fully operational, the Peace Fund will finance activities in three thematic areas: Mediation and Preventive Diplomacy; Institutional Capacity; and Peace Support Operations.
The Peace Fund is intended to be the principal financing instrument for peace and security activities on the continent.
Chairperson of the AU Commission, Moussa Faki, restated his commitment to ensuring strong accountability and financial governance for the effective, transparent and prudent use of resources in the organisation.
“With the oversight and operational structures put in place for the fund, I observed that the AU is keen to ensure best practice in international fund management with an emphasis on concrete results and impact to ensure the continent is peaceful and secure,” he said.
Chairperson of the Board of Trustees of the fund and Nigeria’s Minister of Finance, Budget, and National Planning, Zainab Shamsuna Ahmed, welcomed the progress made so far and the attention to detail that was being paid to put in place robust governance and management arrangements, but noted that accelerated efforts were now required to reach full operationalisation in 2020.
The Board of Trustees is made up of five African members representing the five AU regions and two of the African Union’s international partners: the European Union and the United Nations. The role of the Board of Trustees is to ensure strategic coherence and enhanced governance, financial and administrative oversight of the Peace Fund.
The Peace Fund is the first endowment fund to be established by the African Union.