Afreximbank announce $1billion African Film Fund for Africa’s film industry
Kanayo Awani, Executive Vice President, Intra-African Trade Bank, at Afreximbank, announced in Cairo today that the African Export-Import Bank (www.Afreximbank.com) is working on the establishment of a $1 billion African Film Fund to be launched in 2024 to support the continent’s film industry.
Mrs. Awani announced that the fund would oversee film financing, co-finance with large studios, finance African filmmakers, and finance producers and directors of film projects across the continent at the opening of the 2023 CANEX Summit, which was held as part of the third Intra-African Trade Fair (IATF2023).
She said that the Bank had raised the amount of funding it was providing to the creative industry from US$500 million to US$1 billion during CANEX WKND 2022 and that it presently has over US$600 million in deals in the pipeline for deals in the visual arts, music, cinema, fashion, and sports.
As Mrs. Awani stated, “The Bank has several in the pipeline from Nigeria, South Africa, and Kenya, which should be on streaming platforms in 2024. The very first film we financed recently premiered at the Toronto Film Festival.”
While acknowledging that the film and audiovisual industries in Africa contributed US$5 billion to the continent’s GDP and supported an estimated five million jobs, Mrs. Awani also pointed out that the industry faced a number of obstacles, such as restricted financing options and copyright infringement brought on by lax copyright laws, lax enforcement, and a lack of knowledge.
In addition, the sector faced challenges related to inadequate infrastructure and technology, insufficient capacity, a scarcity of skilled professionals, restricted market access, and limited international exposure. Consequently, African creative and cultural products frequently face difficulties in gaining recognition and entry into global markets.
A famous actor of Ghanaian ancestry named Boris Kodjoe previously discussed the ways in which African ingenuity has impacted commerce, sports, music, fashion, art, design, social conscience, and television. He claimed that despite appreciation for black excellence, Africa still faced branding difficulties as a result of outside perceptions fueled by the traditional media’s portrayal of the continent’s poverty, famine, civil wars, and migration. He also claimed that the West’s long-lasting effects on black creativity had been felt.
According to Mr. Kodjoe, Africa was essential in supplying the globe with the culturally relevant global content that it so much needed. Due to the youthful population and high level of connection across the continent, studios, networks, promoters, and corporations were investing in ways to reach a variety of audiences. Diverse movies and TV series outperformed others by thirty percent, and Afrobeats was dominating international radio stations. Africa was expected to contribute up to 10% of the $200 billion or more in global creative products exports by 2030, which equates to 4% of the continent’s GDP.
The African Union Commission’s Commissioner for Trade and Industry, H.E. Albert M. Muchanga, also spoke during the event and noted that the continent’s creative industry was expanding quickly and significantly, contributing to the inclusive growth and long-term sustainability of African economies.
“I reaffirm that I think the African creative industry has enormous potential to be a source of employment and revenue to create the Africa we want—both from international and intra-African trade.”
Ambassador Muchanga emphasized the importance of investing in international property rights protection as she urged African countries to harness their immense potential into plans and programs that produce real outcomes.
Afreximbank launched CANEX as a way to help the creative and cultural sectors in Africa and the African Diaspora by offering non-financial and financial tools to spur development. The goal of the seven-day CANEX Summit is to advance dialogue and offer more chances for business-to-business and business-to-government interactions. In addition to a CANEX Music Factory led by well-known South African producer Oskido, which will provide songwriters and beat producers a chance to record their work, there will be a fashion display with a variety of striking and captivating designs from throughout Africa and the Diaspora.
The goal of Afreximbank’s Creative Africa Nexus (CANEX) initiative is to support the expansion and growth of the creative and cultural sectors throughout Africa and the diaspora. With the goal of promoting trade and investment in Africa’s creative economy, the program offers a variety of financial and non-financing instruments and actions. The largest trade and investment show in Africa, IATF2023, debuted on November 9 and will remain open until November 15, 2023.
