Private Sector Urged to Back AU Peace Fund Revitalization
By Joyce Ojanji
The African Union (AU)’s Peace Fund has received a significant boost as the African Development Bank (AfDB) expresses a strong commitment to revitalize the Fund, pledging to continue implementing innovative strategies to address fragility and build resilience across the continent.
The Peace Fund was established in June 1993 to finance the operational peace and security activities of the AU.
Speaking during AU’s 6th Mid-Year Coordination Meeting in Accra, Ghana, Moussa Faki, Chairman of the AU Commission, announced that the Fund has garnered close to its first target of $400 million, primarily from Member States’ contributions.
Faki commended the AU Member States for their dedication to the Fund, despite facing global challenges, urging continued momentum to build on these successes.
In a call to action, he urged the private sector to join hands in supporting the AU Peace Fund, underlining that peace is a collective responsibility that requires the engagement of all stakeholders.
Marie-Laure Akin-Olugbade, AfDB’s Vice President for Regional Development, Integration, and Business Delivery, expressed the Bank’s strong commitment to revitalizing the AU Peace Fund, highlighting various initiatives by the African Development Bank to foster peace in Africa, including providing technical assistance to the Peace Fund.
She emphasized the Bank’s focus on developing human capital, strengthening institutions, and promoting inclusive governance alongside infrastructure and economic growth.
“These programs not only foster economic growth but also address the root causes of conflict by promoting inclusivity and empowering marginalized groups,” she stressed.
Dagmawit Moges, Director of the AU Peace Fund, announced that the organization’s management was setting up an independent evaluation group to assess Peace Fund disbursements. This group will comprise two representatives from each region of Africa and a representative 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 recent gathering in Ghana served as a pivotal platform to reinvigorate resource mobilization efforts for the Fund, bringing together a diverse array of participants, including ministers from African member states, diplomats, business leaders, private sector operators, commercial banks, regional economic blocs, and pan-African organizations.
The resounding support expressed by these stakeholders underscores the shared commitment to revitalizing the AU Peace Fund and enhancing its impact in advancing peace and security on the continent.