The African Development Bank has expressed strong support for revitalizing the African Union (AU) Peace Fund, pledging 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, said this 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 highlighted 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.
She mentioned the issuance of Security Indexed Investment Bonds, an innovative financial mechanism to mobilize resources for peacebuilding and development. The Bank is also rolling out Youth Entrepreneurship Investment Banks to empower young entrepreneurs and provide robust support for women-led businesses through the Affirmative Finance Action for Women in Africa (AFAWA) initiative. This will foster economic stability, improve livelihoods and bolster social inclusion.
Moussa Faki Mahamat, Chairman of the African Union Commission, announced that the Fund has garnered close to its first target of $400 million, primarily from member state contributions. He commended the countries for their dedication to the Fund, despite facing 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."
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 meeting brought together 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.
Saturday's event not only served as a platform to reinvigorate resource mobilization for the Fund but also showcased the vibrant culture of a self-determined Africa, featuring music, dancing, and tributes to leading pan-Africanists, including Dr. Kwame Nkrumah, who led Ghana to independence and subsequently became the country's first president.
