Last month, the European Union (EU) won the Nobel Peace Prize for six decades of dedication to supporting peace, reconciliation, democracy and human rights.
On Wednesday, the 27-member-state union announced it would be donating the prize money — 8 million Swedish kronor ($1.18 million CAD) — to "EU Nobel Prize Children's Projects" benefiting children in war zones, Reuters reports.
The details of the projects will be decided shortly.
"The Nobel Peace Prize stands for reconciliation throughout the world," said European Commission President Jose Manuel Barroso in a statement. "The Prize money should benefit the first hope for the future, but also the first victims of present and past conflicts: children."
The EU statement continues, "Since children are the future of any society and at the same time among the most vulnerable, the peace dividend the European Union is receiving should be 'invested' in those children who are the victims of violent conflict."