Excellencies, distinguished guests

It is gives me great pleasure to be here today to officially launch the revitalised AU Peace Fund. This journey began in 2015, within the framework of the AU Assembly’s decision to enhance overall financial autonomy. In this regard, the AU Assembly decided to finance 25% of the AU’s operational peace and security activities.

In 2016, the AU Assembly, translated the 25% commitment into a decision to establish a $400m Member State endowment. The revitalised Peace Fund is the instrument through which these funds will be managed.

Since 2017, our Member States have contributed $60m to the Peace Fund. We expect to arrive at the full endowment level in 2021. The AU Policy Organs endorsed an enhanced governance and management structure to ensure the Fund is managed to the highest standards and in line with best practice.

A Board of Trustees, made up of five African members representing the 5 AU Regions and two international partners has been established. The role of the Board of Trustees is to ensure strategic coherence and enhanced governance, financial and administrative oversight of the Peace Fund.

I am very pleased to announce to you today that the following members of the Board of Trustees have been appointed:
• Zainab Ahmed, from Nigeria, is the former Minister of State for Budget and National Planning. She previously served as the Executive Secretary and National Coordinator of the Nigeria Extractive Industries Transparency Initiative (NEITI). She is not able to be with us today.

• Anicet Dologuele from the Central African Republic, who served as the President of the Central African States Development Bank, as well as Prime Minister and Minister of Economy Planning and Finance in his country.

• Elene Makonnen, from Ethiopia, who has worked in various senior advisory levels with the African Development Bank, World Bank and the United Nations Economic Commission for Africa.

• Tito Mboweni, from South Africa, was a former Governor of the South African Reserve Bank. He is as a non-executive Director for South Africa at the New Development Bank (BRICS Development Bank);

• Kamel Morjane, from Tunisia who served as Minister of Foreign Affairs and Minister of Defence in in the Tunisian government and held senior positions in the United Nations.

Please join me in offering a round of applause to these members.
In addition to these members we will have two representatives from our international partners, the United Nations and the European Union.

I want to thank all the members for accepting these nominations. I believe that we have identified the best possible members for this Board. The members of the Board bring together a range of financial, banking, public sector management and thematic skills. They have worked at the highest level of government and have occupied senior positions in some of our leading international institutions.

I have no doubt that they will fulfil the strategic oversight role that is expected of them to the highest standard, ensuring that rules and procedures are respected, high fiduciary standards are maintained and the Fund delivers the results and impact expected in all its areas of intervention.

The other elements of the governance and management structure are: An Independent Evaluation Panel which will be established to regularly review the effectiveness and impact of the Fund. An Executive Management Committee, will provide strategic management oversight of the Fund. A Fund Manager will manage the finances, and a Peace Fund Secretariat will manage the day to day operations of the Fund.

The Board of Trustees will oversee the establishment of the remaining governance and management structures over the coming months.

I would also like to take this opportunity to thank the AU High Representative for Financing the Union and the Peace Fund, Dr. Donald Kaberuka for leading this work and bringing us up to this critical point in the process.

I believe we are now in a strong position to accelerate progress in the operationalisation of the remaining elements of the structure. Alongside this, we look forward to the acceleration of Member State contributions in line with the statutory commitments.

I thank you.