Africa Export-Import Bank (Afreximbank) has unveiled a US$1 billion African Film Fund through its development impact divisions, the Fund for Export-Development in Africa (FEDA).
This transformative initiative is part of Afreximbank Group’s Creative Africa Nexus Programme (CANEX) and is designed to revolutionize the continent’s film and creative industry.
The African Film Fund aims to promote the production and global production of high-quality films and TV series, thereby amplifying Global Africa’s cultural influence worldwide. By attracting long-term capital, the fund will enable African filmmakers and storytellers to produce globally appealing content.
Apart from financing films, the fund seeks to build a thriving ecosystem that promotes Africa’s creative talent, catalyses economic transformation, and fosters cultural exchange.
The African film and audiovisual industry is a key contributor to the continent’s economy, generating approximately US$5 billion in annual revenue and employing over 5 million people. However, the industry has long faced challenges such as inadequate advanced post-production resources, limited advanced post-production resources, insufficient exhibition infrastructure, and limited access to digital platforms.
The launch of the Africa Film Fund is a significant part of Afreximbank’s interventions to address some of these challenges. It reflects the Group’s belief that culture is a strategic asset for youth empowerment, economic growth, and regional integration.
“This Fund will help unlock the full potential of Africa’s creative economy by giving African storytellers the platform, resources, and visibility they deserve,” said Kanayo Awani, Executive Vice-President of Intra-African Trade and Export Development, Afreximbank.
Afreximbank is a Pan-African multilateral financial institution established to finance and promote trade both within Africa and between Africa and the rest of the world. As of December, the bank’s total assets and contingencies stood at over US$40.1 billion, while its shareholder funds amounted to US$7.2 billion.
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