The African Union Peace Fund that aimed at developing a mechanism of self financing of Africa’s peace and security activities, has been officially launched today (November 17).
Speaking at the inaugural ceremony, current Chairperson of the AU, President Paul Kagame said as promoting peace and security is the core function of the
AU Commission, the establishment of the AU’s # PeaceFund is critically important to finance the Commission’s peace supporting operations sustainably and effectively. He added that the initiative would help to structurally work on peace and security activities of the Continent.
Chairperson of the AU Commission, Moussa FakiMahamat said that, in line with the frameworks of the reforms underway, an important step has been taken which would help the continent to be self-reliant in funding its peace activities. He also said that the measure is very timely.
AU Commissioner for Peace and Security Ambassador Ismael Chergui, on his behalf said that the fund will be functional to conflict avoidance, peace support and post conflict reconstruction tasks.
During the launching ceremony, it is said that the Fund will have its board of directorsand a manager and will start with the budget of 100 million USD.