Libya: Annan announces creation of 'Democracy Fund'

Addressing leaders of the African continent meeting in Libya, United Nations Secretary-General Kofi Annan announced the launch of a new initiative to financially support States undergoing the democratization process. Mr. Annan told the African Union (AU) Summit in Sirte that the new UN Democracy Fund will provide assistance to countries seeking to establish or strengthen their democracy. "A number of Member States have already indicated their intention to contribute," he said, voicing hope that others would follow their example.