Afreximbank launches $1b Africa Film Fund to transform creative industry – Ghana Business News
The African Export-Import Bank (Afreximbank) has launched the Africa Film Fund (the Fund) as part of its Creative Africa Nexus Programme (CANEX).
This was done through its development impact investment arm, the Fund for Export-Development in Africa (FEDA), with $1 billion designed to revolutionise Global Africa’s film and creative industry.
The move follows Afreximbank Group’s commitment at the CANEX Weekend in Algiers, Algeria, in October 2024, where the Bank announced plans to launch a private equity film fund through FEDA to support film production and distribution across Africa and empower its filmmakers to create globally appealing content.
The Fund will play a pivotal role in promoting the production and global distribution of high-quality films and TV series, further amplifying Global Africa’s cultural influence across the world.
In doing so, the Fund will be a catalyst to attract and direct crucial patient capital into Global Africa’s film and TV production industry, mobilising resources that would enable filmmakers and storytellers to produce world-class content that resonates globally.
According to the UNESCO Institute for Statistics, the African film and audiovisual industry generates an estimated US$5 billion in annual revenues and employs more than five million people across the continent.
However, the film industry has long faced challenges, including limited access to production facilities and equipment, a shortage of advanced post-production resources, and a lack of sufficient exhibition infrastructure, highlighted by fewer than 2,000 cinema screens and limited access to digital platforms.
Afreximbank’s interventions through FEDA seek to address some of these issues and more.
Professor Benedict Oramah, the President of Afreximbank and Chairman of both the Boards of Directors of Afreximbank and FEDA, said: “Film is a cornerstone of the Creative Africa Nexus (CANEX) programme and the establishment of the Africa Film Fund is timely as it will help accelerate the growth of Africa’s creative sector, which has witnessed rapid growth but continues to face significant challenges including funding, scaling and accessing global markets.”
“Through investments in the film sector, alongside initiatives such as the CANEX Shorts Awards, Afreximbank is committed to celebrating and amplifying a diverse range of African voices and experiences, thereby catalysing the creative industry and unleashing its potential to drive economic growth across Africa.”
Madam Marlene Ngoyi, CEO of FEDA, emphasising the Fund’s role in driving inclusive growth, said: “The Africa Film Fund is not merely about financing films, it is about building a thriving ecosystem that empowers Global Africa’s creative talent, fosters cultural exchange, and catalyses economic transformation.”
She said at FEDA, they were committed to ensuring the initiative delivered tangible impact with long-term and sustainable benefits.
Mr Kanayo Awani, the Executive Vice-President of Intra-African Trade and Export Development, Afreximbank, said: “This Fund will help unlock the full potential of Africa’s creative economy by giving African storytellers the platform, resources, and visibility they deserve.”
“It reflects their belief that culture is not just a soft power, but a strategic asset for economic growth, youth empowerment, and regional integration.”
Mr Boris Kodjoe, award winning actor and Managing Partner of FC Media Group, said: “It has been a long-term dream of mine to be able to tell stories on a global scale.”
He expressed gratitude for the partnership with Afreximbank and FEDA to support quality content development and creation in Africa and beyond.
Source: GNA
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