Afreximbank, a pan-African banking giant, is making a groundbreaking move. It plans a $1 billion fund for film production. This step aims to accelerate growth in Africa’s creative sector. UNESCO reports that Africa’s film and audiovisual industries currently employ 5 million people. Yet, funding challenges have long stifled the sector’s potential.
Kanayo Awani, Afreximbank’s Executive Vice President, highlights these challenges. He says the bank is set to launch a $1 billion African Film Fund by 2024. This fund will focus on film financing and co-financing, supporting African filmmakers, producers, and directors.
According to a report by Newsday Zimbabwe, the bank has actively supported the creative sector through its Creative Africa Nexus (CANEX) program. At CANEX WKND 2022, Afreximbank doubled its commitment, offering $1 billion to the creative sector. Currently, the bank has over $600 million in deals across various creative fields. These deals range from $2 million to over $150 million.
In a bold move, Afreximbank will launch CANEX Creations Incorporated next year through its Fund for Africa Development. This initiative will acquire, aggregate, and commercialize creative content. It aims to make strategic investments in the creative value chain. These include record labels, publishing companies, and film studios. The goal is to commercialize the intellectual property of African and Diaspora creatives.
UNESCO notes that Africa’s film and audiovisual industries contribute $5 billion to the GDP. There’s potential to grow this to $20 billion annually. With Afreximbank’s initiatives, a significant boost for the African creative industry is on the horizon. These plans promise to unlock new opportunities and drive economic growth.
Afreximbank is not just financing projects. It’s empowering a generation of African creatives to reach new heights and make their mark on the global stage.
