Africa-Press – Eritrea. A peaceful and secure Africa is one of the core aspirations identified in Agenda 2063 which is also focused on realizing a prosperous, integrated and united Africa, and an Africa based on good governance, democracy and respect for human rights, justice and the rule of law are the necessary precondition for a peaceful and conflict-free continent. In that spirit, African Union Member States specifically undertook to mobilize increased resources from within the continent and other sources by re-invigorating the AU Peace Fund from legacy fund to the revitalized peace fund with sustainable and predictable financing.
Over USD 392 million is currently available in the current endowment fund, closer its initial target of USD 400 million. However, significant resources are needed to secure predictability, adequacy and sustainability in Africa’s existing peace and security challenges. To meet the growing resource needs for peace and security in Africa, innovative ways of mobilizing resources are being explored including voluntary contributions from Member States as well as contributions from the private sector and High Net Worth Individuals.
The High-Level Event on innovative peace financing mechanisms aims to gather support from key stakeholders in the private sector, multilateral financial institutions, and high net worth individuals to bolster the Peace Fund’s financial standing and enhance its impact. The event will galvanize support and resources for the African Union Peace Fund, ultimately contributing to the advancement of peace and stability across the African continent.
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