The African Development Bank has reaffirmed its commitment to bolstering the African Union (AU) Peace Fund, emphasizing its dedication to implementing new approaches to tackle fragility and enhance resilience throughout the continent.
Mrs. Marie-Laure Akin-Olugbade, Vice President for Regional Development, Integration, and Business Delivery at the Bank, made these remarks during a significant gathering on Saturday. The meeting, held alongside the AU’s 6th Mid-Year Coordination Meeting in Accra, aimed to mobilize support and resources for the AU Peace Fund.
Akin-Olugbade underscored the African Development Bank’s efforts to promote peace across Africa, citing its active support for the Peace Fund through technical assistance. She emphasized that the Bank’s strategic priorities include enhancing human capital development, bolstering institutional capacity, and advancing inclusive governance, in addition to fostering infrastructure development 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 discussed the introduction of Security Indexed Investment Bonds, an innovative financial tool aimed at raising funds for both peacebuilding efforts and development initiatives. Additionally, the Bank is launching Youth Entrepreneurship Investment Banks to empower young business owners and provide robust support for businesses led by women under the Affirmative Finance Action for Women in Africa (AFAWA) initiative. These efforts are expected to enhance economic stability, improve livelihoods, and promote social inclusion.
Moussa Faki Mahamat, Chairman of the African Union Commission, reported that the Fund has almost reached its initial goal of $400 million, primarily through contributions from member states. He praised these countries for their commitment to the Fund, despite facing significant global challenges.
Mahamat said, “This achievement reflects members’ unity and determination.” Mahamat called upon the private sector, multilateral financial institutions, state-owned enterprises, high-net-worth individuals, and philanthropists to endorse the Fund, stressing that “peace is everyone’s business.”
Dagmawit Moges, the Director of the AU Peace Fund, revealed plans for establishing an independent evaluation team tasked with assessing the disbursement of funds from the Peace Fund. This team will include two representatives from each African region, alongside a representative from both the African Development Bank Group and Afreximbank.
Moges said, “We are implementing a robust organizational strategy to secure commitments from the public sector, multilateral institutions, as well as residents and the diaspora.”
Over the past three months, the African Union has effectively collaborated with the private sector and various organizations across five member states: Kenya, Egypt, Nigeria, South Africa, and Cameroon. These partnerships have significantly bolstered support for the Fund’s initiatives. She also praised the AU Staff Association for their voluntary contributions to the Fund.