African Union appoints former AfDB President to oversee Peace Fund
Donald Kaberuka is to oversee the development of the African Union’s Peace Fund after the former African Development Bank President agreed to become the fund’s new High Representative. “The Chairperson of the Commission, through the appointment of [Donald] Kaberuka, is sending a strong signal to the international community on the African Union’s commitment to finding sustained, predictable, and flexible funding mechanisms to support peace,” a statement released by the African Union said?. The Peace Fund is one of the six parts that make up the African Peace and Security Architecture and, having been succeeded as the 7th elected President of the African Development Bank by Akinwumi Adesina in mid-2015, one of Kaberuka’s top priorities will most likely be to secure greater financial commitments from African countries. According to historical data only a third of the African Union’s total budget for 2014 was expected to come from member states, with the outstanding balance being sourced from international and development partners. This is far more than the two percent of the budget members contributed to the Peace Fund between 2008 and 2011, which is likely to have increased as peace and security assume greater importance but remains largely insufficient as a funding mechanism on its own. Nevertheless, Kaberuka has a strong pedigree when it comes to financial matters. He is credited with stabilising the Rwandan economy after mass genocides in 1994 during his time as Finance Minister, as well as leading what has been described as the most successful decade in the history of the African Development Bank since it was established in 1963. In addition to his new position with the African Union, Kaberuka currently serves on the Board of Trustees of the World Economic Forum, the Mandela Institute for Development Studies, and the Mo Ibrahim Foundation, which promotes good governance in sub-Saharan Africa.
By Adam Pitt?
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Photo: World Bank