Bono will be receiving the Fulbright Prize for International Understanding for his work to combat poverty, AIDS and other crises impacting the developing world later this month.

The ceremony will be taking place in Washington D.C. on March 31, hosting distinguished scholars from around the world at D.C.'s The Omni Shoreham Hotel.

The U2 frontman is the co-founder of organisations DATA (Debt, Aids, Trade, Africa), which works to bring justice through fair trade and debt relief; EDUN, a brand that sources through Africa to promote fair trade; ONE, a global initiative that hopes to end extreme poverty by 2030 and (RED), a brand that fundraises to help eliminate HIV/AIDS in eight African nations. It's this continued effort to combat healthcare, wealth and labour imbalances around the world that has earned him the prestigious award.

"The totality of his work over the years – as a musician and activist – is impressive and deeply connects to the Fulbright mission of creating peace and understanding, promoting cultural respect, and working to creatively solve problems that enable humans to thrive," wrote Dr. Jason Morris, a Hungarian Fulbright Scholar and the nominator of Bono for the prize. "Like Sen. Fulbright, Bono has worked across the political spectrum to accomplish good and lasting things for a more peaceful world."

The William J. Fulbright Prize for International Understanding has been honouring global exchange programs since its inception in 1993. With a focus on promoting peace through greater understanding of the world's cultures, previous recipients include Nelson Mandela, Desmond Tutu, Doctors Without Borders and Bill and Melinda Gates.

"Representing the Fulbright community in the United States, the Fulbright Association believes that Bono embodies the best of leadership in times of unrelenting global crises and challenges," wrote the Fulbright Association in a statement.

Registration to watch the livestream of the ceremony can be found here, and closes on March 31st.