The African Export-Import Bank, via its development impact investment arm, the Fund for Export-Development in Africa, has announced a $1bn Africa Film Fund to transform Africa’s film and creative industry.
The film fund, unveiled under the Creative Africa Nexus Programme, will aid the production and global distribution of African movies and TV content, further tackling major infrastructure and financing problems that have stunted the development of the sector for years.
Speaking through a press statement posted on the bank’s Instagram page, African Export-Import Bank revealed that the fund will be managed via FEDA as a private equity vehicle, thereby providing long-term capital that will guarantee the steady creation of top-quality content, while also empowering African scriptwriters who can compete favorably with their peers all across the globe.
“African Export-Import Bank, through its development impact investment arm, the Fund for Export-Development in Africa, has committed to spearhead the launch of the Africa Film Fund (‘the Fund’) as part of its Creative Africa Nexus Programme. This transformative undertaking of up to $1bn is designed to revolutionise Global Africa’s film and creative industry,” it read.
According to the President of Afreximbank, Benedict Oramah, the fund has come at the right time. He believes it will definitely help to fasten the development of Africa’s creative sector, which continues to grow in leaps and bounds despite the major obstacles that remain on its way, which include scaling, funding, and a lack of access to global markets.
He then reiterated Afreximbank’s commitment to flaunting a wide range of African stories until the creative industry is buoyant enough to drive economic growth across the continent.
“Film is a cornerstone of the 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,” Benedict said.
Chief Executive Officer of FEDA, Marlene Ngoyi, also noted that the initiative is not limited to financing films, as it will also focus on establishing a thriving ecosystem that can lead to better cultural exchange and a major economic transformation.
“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 added.
Folami David writes on trends and pop culture. He is a creative writer, and he is passionate about music and football.
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