UNITED NATIONS, May 20 (Xinhua) -- The United Nations appointed hip-hop mogul Russell Simmons as a Goodwill Ambassador to promote a permanent memorial for victims of slavery here on Wednesday.

    The memorial, projected to cost 3.5 million U.S. dollars and is expected to be completed by 2012, pays homage to millions of people who suffered as a result of the Trans-Atlantic Slave Trade.

    As ambassador, Simmons said he will bring visibility to the memorial project, help to raise money and educate future generations about the lasting effects of slavery in contemporary society.

    "All the same lessons of life are said over and over again by different prophets in different languages at different times," Simmons told reporters. "Hopefully the new language (of hip-hop) can frame some of these same lessons in ways that will be easier to digest by the next generation."

    Simmons is founder of the clothing label Phat Farm and is co-founder of the pioneering hip-hop label Def Jam, which has put out legendary artists such as Nas, Beastie Boys and Public Enemy.

    Generally known in the public for his crusade to empower America's disenfranchised and poorer populations, Simmons has also stirred up controversy when he endorsed the RushCard, a prepaid Visa/debit card for people who can't or won't get checking accounts or credit cards.

    Consumer advocates have warned that the card takes advantage of an American population already struggling with debt and cautioned that the RushCard is saddled with a number of hidden fees, of which there are many, including an ATM withdrawal fee, an ATM balance inquiry fee, and a monthly inactivity fee.

    But in April, Simmons wrote a letter to New York Times saying that the "RushCard helps struggling Americans who find themselves without access to bank accounts or credit."

    He said approximately 1.5 million people currently use the card and "over half of the RushCard members who use these tools say they save more than 300 dollars a year."

    Speaking to reporters, Simmons called his appointment as ambassador a "humbling moment" and said the United Nation's recognition of the victims from the Trans-Atlantic Slave Trade was "a long time coming."