Ayodeji Ayenuwa
In a major move to empower Africa’s film industry, Afreximbank, headquartered in Cairo, has announced the launch of a $1 billion African Film Fund set for 2024.
Kanayo Awani, Executive Vice President of Afreximbank, revealed the initiative during the 2023 CANEX Summit held as part of the third Intra-African Trade Fair (IATF2023).
The fund is designed to oversee film financing, engage in partnerships with prominent studios, and provide financial support to African filmmakers, producers, and directors.
Awani highlighted the bank’s commitment to the creative sector, noting, “During CANEX WKND 2022, the Bank had increased the financing it was making available to the creative sector from $500 million to $1 billion.” She added that the bank currently boasts a pipeline of over $600 million in film, music, visual arts, fashion, and sports deals.
The primary objectives of the Film Fund were outlined by Awani, emphasizing its role in “overseeing film financing, co-finance with large studios, finance African filmmakers, and finance producers and directors of film projects across the continent.“
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Meanwhile, while highlighting the economic significance of the film and audiovisual industries in Africa, Awani noted, “The sector faced several challenges, including limited access to financing and copyright infringement due to weak copyright laws, enforcement mechanisms, and a lack of awareness.” This underscores the need for targeted initiatives like the African Film Fund.
She further stated, “The sector was also confronted with infrastructure and technology gaps, a lack of capacity and shortage of skilled professionals, and limited market access and international exposure, as a result of which African creative and cultural products often struggle to gain exposure and access to international markets.”
Furthermore, Ghanaian actor Boris Kodjoe echoed the global impact of African creativity, stating, “The world craves culturally specific global content, and Africa is a key player in meeting that demand.” He underlined Africa’s potential, projecting that by 2030, the continent could produce up to “10% of global creative goods export worth roughly $200 billion or 4% of Africa’s GDP.”
Additionally, H.E. Albert M. Muchanga, Commissioner for Trade and Industry of the African Union Commission, emphasized 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.” He further urged African nations to convert their potential into tangible projects and emphasized the necessity of investing in protecting international property rights.
The CANEX Summit, a crucial part of the third Intra-African Trade Fair (IATF2023), is an Afreximbank initiative supporting Africa and the African Diaspora’s creative and cultural industries.
The seven-day event includes a fashion show featuring designs from across Africa and the Diaspora, as well as a CANEX Music Factory hosted by renowned South African producer Oskido, offering opportunities for songwriters and beat makers to record their work.
Techrectory with Agency Report.
