Zainab Ahmed, Minister of Finance, has been appointed the chairperson of the Board of Trustees of the African Union (AU) Peace Fund.
The Board of Trustees was established by the Assembly of the Union in July 2016 to ensure strategic coherence, enhance governance, and financial and administrative oversight of the Peace Fund.
The Board has five African members each representing a region and two Non-African members from both United Nations (UN) and European Union (EU) to occupy the two seats allocated for international partners.
In July 2016, the AU Assembly of Heads of State and Government decided to endow the Peace Fund with $400million in Member State contributions to be drawn from the 0.2 percent levy that has been instituted to finance the overall AU budget. The full endowment level will be reached in 2021. Since 2017, the Fund has received the highest levels of Member State contributions (currently over $55.9m) since the establishment of the Fund in 1993.
Reacting to the appointment, Ahmed said, “My appointment as chairperson of the AU Peace Fund is an exciting one. It is an opportunity for me and my colleagues on the board to contribute positively towards the success of peace and security activities of the African Union”.
Speaking on the role of the Board, she also said, “The Board has been charged with effective governance and management of the Peace Fund. I am looking forward to working with my counterpart from Tunisia, Ethiopia, South Africa and Central Africa Republic and also other board members representing the UN and EU”.
The protocol relating to the AU Peace and Security Council (PSC) provides for the establishment of a Special Fund to be known as the Peace Fund with the objective of providing the necessary financial resources for peace support missions and other operational activities relating to peace and security in Africa.
The Peace Fund is to finance three key priorities: mediation and preventive diplomacy activities, institutional capacity requirements, and peace support operations.
The Peace Fund is an Independent International Fund for the prevention and management of conflicts and the promotion of peace in Africa.