Afreximbank commits $1 billion to transform Africa’s film, creative sector

The African Export-Import Bank (Afreximbank), through FEDA, has unveiled a $1 billion Africa Film Fund under its Creative Africa Nexus Programme to boost film production and distribution across the continent

[dropcap]T[/dropcap]he African Export-Import Bank (Afreximbank) has announced the launch of a groundbreaking $1 billion Africa Film Fund aimed at revolutionizing the continent’s burgeoning film and creative industry.

Also read: Afreximbank launches paid internship program to cultivate future African leaders

The initiative is spearheaded by the bank’s development impact investment arm, the Fund for Export-Development in Africa (FEDA), and falls under the umbrella of the Creative Africa Nexus Programme (CANEX).

The Africa Film Fund is strategically designed to support the production and global distribution of high-quality African films and television content.

It seeks to address critical infrastructure and financing challenges that have historically hindered the growth and potential of the sector across Africa.

According to an official statement released by Afreximbank, the fund will be managed by FEDA as a private equity vehicle, providing essential long-term capital.

“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,” said Afreximbank President, Benedict Oramah.

This investment will empower African storytellers to create compelling content and enhance their ability to compete effectively in the global market.

President of Afreximbank, Benedict Oramah, emphasized the pivotal role of film within the broader CANEX programme.

He stated that the establishment of the Africa Film Fund is a timely intervention that will significantly accelerate the growth of Africa’s creative sector, which, despite rapid expansion, continues to grapple with challenges such as inadequate funding, limited scaling opportunities, and restricted access to global markets.

Oramah added, “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.”

Marlene Ngoyi, the Chief Executive Officer of FEDA, highlighted that the initiative’s impact extends beyond mere financial support for films.

“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.”

Boris Kodjoe, Managing Partner of FC Media Group, lauded the initiative as a long-held aspiration for African storytellers seeking global reach.

Also read: Nigeria SMEs boosted as Afreximbank, Woodhall sign $25million facility to support export businesses

He expressed his gratitude and excitement to partner with Afreximbank and FEDA in supporting the development and creation of quality content from Africa and its diaspora.