Called The Red Campaign, the project aims to raise money to provide Aids drugs for Africa.
The organisation, which has a budget of around £3 million to spend on launching the awareness and fundraising campaign in the UK later this year, has approached Wieden & Kennedy, Mother and TBWA\London.
The Red Campaign is already running in the US and the UK drive is being co-ordinated from there.
Bono will be a key player in the promotion of the project. He has been involved in campaigning against Third World debt and poverty in Africa for much of his career; in 2001, he co-founded the Debt, Aids and Trade in Africa organisation. Bono is also involved in a campaign called "make poverty history", which aims to encourage the leaders of developed countries to increase aid and trade and to cancel Third World debt.
He was also part of the team that re-released the Band Aid single Do They Know It's Christmas? in December.