The African Union (AU) announced significant progress in its efforts to finance peace and security initiatives across the continent amid private sector support
At the recent 6th Mid-Year Coordination Meeting, the AU revealed that its Peace Fund now holds over $392 million, bringing it close to its target of $400 million.
This development marks a crucial step towards the AU’s goal of achieving sustainable and predictable financing for its operational peace and security activities.
The organization emphasized that substantial resources are still required to fully support these critical initiatives.
On July 20th, the AU held a High Level Resource Mobilization Event for the Peace Fund, which saw commitments from key private sector entities and African financial institutions. Notable contributors included Afreximbank, Standard Chartered Bank, Ethiopian Airlines, the African Development Bank, and the Tony Elumelu Foundation.
The AU highlighted this private sector engagement as a significant milestone in its quest to reduce dependency on external funding and regain autonomy over the continent’s peace and security agenda. This shift towards self-reliance is further evidenced by increased contributions from AU member states and improved governance and management arrangements for the Fund.
These developments reflect the AU’s commitment to taking ownership of peace initiatives across Africa. By mobilizing both public and private resources within the continent, the organization aims to create a more sustainable and African-led approach to addressing security challenges.
As the Peace Fund edges closer to its initial target, the AU continues to call for support in its efforts to ensure lasting peace and stability across the African continent.
