The accolade was given after the successful organisation of the Winter European Youth Olympic Festival (EYOF) in Sarajevo and East Sarajevo in February. 

Prince Albert II of Monaco presented the award to OKB President Izet Rado, vice-president Sinisa Kisic, secretary-general Said Fazlagic and the mayors of the two cities.

It was the first time that an international multisport event had been held in Bosnia and Herzegovina since the Bosnian War from 1992 to 1995. 

The Winter Olympic Games were in Sarajevo in 1984, but the war destroyed much of the infrastructure, including sports facilities, depriving an entire post-war generation of having the opportunity to practice sport.

"The EYOF once again demonstrated that peace, harmony and hope for a better future begin where sport and youth converge," said EOC President Janez Kocijančič. 

"We are proud of the NOC of Bosnia and Herzegovina and the cities of Sarajevo and East Sarajevo, not only for winning this prestigious award, but especially for showing the world that the country is very capable of hosting major events at the highest level when working together in harmony and with a single vision."

Seven other awards were given out during the evening, with South African Rugby World Cup winner Siya Kolisi named Champion of the Year.

The Peace and Sport International Forum concluded today with a final networking session, entitled "investing in peace, acting through sport business".

Delegates were encouraged to use the opportunity to interact, meet new people and develop strategical contacts.