The African Export-Import Bank (Afreximbank) has unveiled plans to establish a USD 1-billion African Film Fund in 2024 to bolster the continent’s burgeoning film industry.
Kanayo Awani, Executive Vice President at Afreximbank, made the announcement during the opening of the 2023 CANEX Summit, part of the third Intra-African Trade Fair (IATF2023) held in Cairo.
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Highlighting the impact of this initiative, Mrs. Awani revealed, “The very first film we financed recently premiered at the Toronto Film Festival.” She disclosed a substantial pipeline of over USD 600 million in film, music, visual arts, fashion, and sports deals, with several upcoming projects from Nigeria, South Africa, and Kenya expected to hit streaming platforms in 2024.
The fund aims to provide comprehensive support to the film sector, overseeing film financing, co-financing collaborations with major studios, and funding both African filmmakers and the producers and directors of film projects across the continent.
Mrs. Awani emphasized the Bank’s commitment to the creative sector, citing an increase in available financing from USD 500 million to USD 1 billion during CANEX WKND 2022.
She also acknowledged the significant contribution of the film and audiovisual industries to Africa’s GDP, estimated at USD 5 billion, Pointing out that the sector employs around five million people.
Yet despite this economic impact, the industry faces challenges such as limited access to financing, weak copyright laws, infrastructure gaps, and a shortage of skilled professionals.
Boris Kodjoe, a celebrity actor of Ghanaian descent, highlighted the profound influence of African creativity on global culture. And about the need for Africa to overcome branding challenges fueled by external perceptions of poverty and civil unrest. Kodjoe asserted that Africa’s rich cultural diversity could meet the world’s demand for culturally specific global content.
H.E. Albert M. Muchanga, Commissioner for Trade and Industry of the African Union Commission, underlined the rapid growth of the creative sector stating “I reaffirm my belief that the African creative industry has huge potential to be a source of employment and revenue to create the Africa we want – revenue from intra-African trade as well as revenue from the rest of the world,”
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The CANEX Summit is part of the Creative Africa Nexus (CANEX) program by Afreximbank. It aims to foster the growth of creative and cultural industries in Africa and the diaspora. The seven-day event includes a fashion show featuring designs from across Africa and the Diaspora and a CANEX Music Factory, providing a platform for songwriters and beat makers.
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