The African Export-Import Bank (Afreximbank) is set to launch a groundbreaking initiative—the US$1-billion African Film Fund—in 2024 to invigorate the continent’s burgeoning film industry. The revelation came from Kanayo Awani, Executive Vice President of Afreximbank’s Intra-African Trade Bank, during the recent CANEX Summit held as part of the third Intra-African Trade Fair (IATF2023) in Cairo, Egypt.
Awani detailed that the fund aims to oversee film financing, co-finance with major studios, and support African filmmakers, producers, and directors across the continent. Highlighting the bank’s increased focus on the creative sector, Awani emphasized the pipeline of over US$600 million in film, music, visual arts, fashion, and sports deals. She cited the successful financing of films, including a recent premiere at the Toronto Film Festival, with numerous projects from Nigeria, South Africa, and Kenya slated for streaming platforms in 2024.
Recognizing the vast potential of the creative industry, which contributes USD 5 billion to Africa’s GDP and employs millions, Awani addressed the sector’s challenges. These include limited access to financing, copyright infringement due to weak laws, infrastructure gaps, and limited market exposure.
Boris Kodjoe, a celebrity actor of Ghanaian descent, highlighted the influence of African creativity on various global aspects and emphasized the need to reshape external perceptions. He emphasized the global demand for culturally specific content, spotlighting Africa’s pivotal role in meeting this demand.
Albert M. Muchanga, Commissioner for Trade and Industry of the African Union Commission, underlined the rapid growth of Africa’s creative sector and its contribution to inclusive growth and sustainable development. He urged African nations to harness their potential, advocating for investments in intellectual property rights protection.
The CANEX Summit, an Afreximbank initiative, aims to bolster Africa’s creative industries by providing financing and fostering conversations to drive growth. The seven-day event features fashion showcases, music workshops, and discussions to enhance business opportunities and promote African creativity globally.
The Creative Africa Nexus (CANEX) program by Afreximbank aims to stimulate the development and expansion of Africa’s creative and cultural industries. It offers an array of financial and non-financial instruments to bolster trade and investment in the continent’s creative sector.
