The prize of 8 million Swedish kronor ($1.2 million, 926,000 euros) was handed over to the European Commission on Wednesday, which then made the announcement about how the money would be spent.

"The Nobel Peace Prize stands for reconciliation throughout the world," said European Commission President Jose Manuel Barroso in a statement released on Wednesday. "The Prize money should benefit the first hope for the future, but also the first victims of present and past conflicts: children."

The Nobel Peace Prize medal and certificate - to be awarded at a ceremony on December 10 in Oslo - will be kept by European Union institutions on behalf of the EU, the statement said.

Barroso, along with European Council President Herman Van Rompuy and Parliament President Martin Schulz, are scheduled to accept the award at the ceremony.

On October 12, the Nobel Peace Prize Committee elected to give the award to the EU for over six decades of contributing to the advancement of peace and reconciliation, democracy and human rights in Europe.

mz/msh (AP, Reuters)