Afreximbank, a Pan-African trade finance institution, doubled its support for Africa’s burgeoning creative industries.
The bank will allocate $2 billion over the next three years to the Creative Africa Nexus (CANEX) program, doubling its previous commitment.
Since 2022, Afreximbank has seen a significant increase in opportunities within industries, from film production and music to fashion manufacturing and sports.
The announcement was made during the CANEX WKND 2024 event in Algiers, Algeria, and underscores Afreximbank’s dedication to empowering Africa’s creative economy.
“This will enable us to support significant infrastructure investments for film production, stadia, arenas, manufacturing facilities for fashion, and training centres,” President and Chairman of the Board of Directors of Afreximbank, Professor Benedict Oramah, said.
Key areas of focus for the increased funding include:
Afreximbank will invest in world-class facilities for film production, music recording, sports arenas, and fashion manufacturing across Africa.
Secondly, it will support training programs and initiatives to upskill African creatives and ensure they have the skills to compete globally.
Afreximbank will establish a $500 million private equity film fund to finance film production and distribution, providing African filmmakers with the resources to create compelling content.
Finally, the bank will foster partnerships between African creatives and their counterparts in the diaspora, promoting cultural exchange and global recognition.
By doubling its commitment to the creative industries, Afreximbank aims to unlock the immense potential of Africa’s creative talent and contribute to the continent’s economic growth.
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