ADDIS ABABA, Nov. 18 (Xinhua) -- Launching the African Union (AU) Peace Fund as part of the ongoing 11th AU extraordinary summit, African leaders under the AU umbrella have envisaged to promote peace and security across the continent.
The newly launched AU Peace Fund, among other things, revolves on three major thematic areas, embracing mediation and preventive diplomacy, institutional capacity, and peace support operations.
The continental peace fund, which has already assembled a five-member board of trustees and a manager, is set to start with the budget of 100 million U.S. dollars, according to the AU.
Rwandan President and current AU Chairperson, Paul Kagame, said during the launching ceremony of the AU peace fund late Saturday that the fund will work towards "ensuring peace and security challenges are solved by African mechanisms."
"The peace fund would work at a starting budget of around 100 million U.S. dollars annually, with AU member states so far contributing 60 million U.S. dollars to the peace fund," said Kagame.
Kagame, who commended the 42 AU member states who contributed to their share of the peace fund, also called on the remaining 12 AU member states to fill the remaining quota.
The AU also revealed its desire to capitalize on the peace fund to work towards conflict avoidance, peace support and post conflict reconstruction talks.
AU Commission Chairperson, Moussa Faki Mahamat, said that the peace fund will be also overseen by two development partners the European Union (EU) and the UN, in addition to the board of trustees comprising "five esteemed African personalities."
The board of trustees would have a five-year term, with the option of extending it for another five-year term, and will monitor the proper utilization of finances for peace and security activities, according to the chairperson.
Faki also appointed the five African members of the Board of Trustees of the peace fund, marking a key step in the implementation of the "Financing of the Union" agenda, which is part of the ongoing institutional reform process of the pan African bloc. The newly appointed five trustees are drawn from the five regions of the continent.
The 11th extraordinary summit of the African Union (AU), which is underway at the headquarters of the AU in Ethiopian capital Addis Ababa from Nov. 17 to 18.
