NEPAD/HSGIC/03-2003/APRM/MOU 09 March 2003 14. COGNISANT of the role that the Regional Economic Communities, as building blocks of the African Union, can play in assisting Member States to improve their performance in governance and socioeconomic development; 15. RECOGNISING the important role that will be played in the African Peer Review Mechanism by the Committee of Participating Heads of State and Government (“APR Forum”), the Panel of Eminent Persons (“APR Panel”), the Country Review Team (“APR Team”) and the African Peer Review Secretariat (“APR Secretariat”) and Partner Institutions; 16. NOW THEREFORE being desirous to give effect to the above, we hereby: 17. ADOPT the Declaration on Democracy, Political, Economic and Corporate Governance [AHG/235 (XXXVIII) Annex I]; 18. ACCEPT the principles of the African Peer Review Mechanism [AHG/235 (XXXVIII) Annex II] and commit ourselves to their implementation. To this effect, we are PREPARED to provide all necessary resources to facilitate the processes involved at the national level, access to all the required information and stakeholders, and to guarantee all the appropriate privileges and immunities to the Country Review Team (paragraph 19 of the APRM Base Document); 19. WE FURTHER AGREE TO: 20. CONTRIBUTE fully to the funding of the African Peer Review Mechanism in order to affirm the African ownership of the Mechanism. This includes sourcing funds from African people, businesses and institutions; Page 4 of 7