AfDB Supports Revitalization of AU Peace Fund at High-Level Meeting

Akin-Olugbade outlined several key initiatives by the Bank aimed at fostering peace and stability in Africa.

At a high-level meeting on the sidelines of the African Union's (AU) 6th Mid-Year Coordination Meeting in Accra, the African Development Bank (AfDB) reiterated its strong support for the revitalization of the AU Peace Fund. Mrs. Marie-Laure Akin-Olugbade, Vice President for Regional Development, Integration, and Business Delivery at the AfDB, emphasized the Bank's commitment to addressing fragility and building resilience across the continent.

Akin-Olugbade outlined several key initiatives by the Bank aimed at fostering peace and stability in Africa. She highlighted the Bank's role in providing technical assistance to the Peace Fund and its broader efforts to develop human capital, strengthen institutions, and promote inclusive governance. "These programs not only foster economic growth but also address the root causes of conflict by promoting inclusivity and empowering marginalized groups," she stated.

Among the innovative strategies discussed were the issuance of Security Indexed Investment Bonds and the establishment of Youth Entrepreneurship Investment Banks. The Bank is also supporting women-led businesses through its Affirmative Finance Action for Women in Africa (AFAWA) initiative, which aims to enhance economic stability and social inclusion.

Moussa Faki Mahamat, Chairman of the AU Commission, revealed that the Peace Fund is nearing its initial target of $400 million, primarily from member state contributions. He praised the collective efforts of the member states and called for continued support from the private sector, multilateral financial institutions, state-owned enterprises, and philanthropists. "Peace is the business of all of us," Mahamat emphasized.

Dagmawit Moges, Director of the AU Peace Fund, announced the establishment of an independent evaluation group to assess the Fund's disbursements. This group will include representatives from each African region, the African Development Bank, and Afreximbank.

The meeting also marked significant engagement with the private sector and other stakeholders from five member states – Kenya, Egypt, Nigeria, South Africa, and Cameroon – leading to stronger partnerships supporting the Fund's initiatives. Moges commended the AU Staff Association for its voluntary contributions to the Fund.

The event, which brought together ministers, diplomats, business leaders, and representatives from various sectors, also celebrated Africa's vibrant culture with music, dancing, and tributes to pan-African leaders such as Dr. Kwame Nkrumah, Ghana's first president and a key figure in the country's independence movement.

This gathering not only aimed to boost resource mobilization for the AU Peace Fund but also showcased the continent's unity and commitment to peace and development.