The African Export-Import Bank (Afreximbank) has launched a groundbreaking $1 billion Africa Film Fund, aimed at revolutionizing the film and creative industries across the continent. This initiative is part of the bank’s Creative Africa Nexus (CANEX) Programme, and it seeks to address critical infrastructure and financing challenges that have hindered the growth of African films and television content.
The announcement was made on Wednesday through the bank’s official X handle, detailing the development of the fund by its Fund for Export-Development in Africa (FEDA), the bank’s development impact investment arm. The fund will primarily support the production and global distribution of African films, helping local filmmakers overcome significant barriers to success on the international stage.
Empowering African Storytellers
The Africa Film Fund will be managed through FEDA as a private equity vehicle, offering long-term capital to foster the creation of high-quality content. This support is designed to empower African storytellers and provide the resources necessary for them to compete on a global scale.
Afreximbank’s President, Benedict Oramah, expressed the strategic importance of this fund within the CANEX programme, noting that the film industry is a cornerstone of Africa’s creative sector. He acknowledged the sector’s rapid growth but highlighted that funding, scaling, and global market access remain significant challenges for African filmmakers.
“The establishment of the Africa Film Fund is timely, as it will help accelerate the growth of Africa’s creative sector,” Oramah said. “Through investments in the film sector, alongside initiatives such as the CANEX Shorts Awards, Afreximbank is committed to celebrating and amplifying diverse African voices, helping the industry thrive and driving economic growth.”
Beyond Financing
The fund, however, is more than just a financial commitment; it aims to build a sustainable and thriving ecosystem for Africa’s creative talents. Marlene Ngoyi, the CEO of FEDA, emphasized that the initiative is not merely about financing films but creating a platform for cultural exchange and fostering economic transformation.
“It’s about empowering Global Africa’s creative talent, fostering cultural exchange, and catalyzing economic transformation,” Ngoyi said.
Global Collaboration and Vision
Boris Kodjoe, the Managing Partner of FC Media Group, also shared his excitement for the initiative. He spoke about his long-standing dream to create stories on a global scale, and expressed gratitude for the opportunity to partner with Afreximbank and FEDA. “I am grateful and excited to partner with our friends at Afreximbank and FEDA to support quality content development and creation in Africa and beyond,” Kodjoe said.
The Africa Film Fund is a bold and transformative step towards unlocking the vast potential of Africa’s creative industries. With its combination of financial support, strategic partnerships, and a commitment to global reach, this initiative is set to reshape the future of African cinema and contribute significantly to the continent’s cultural and economic growth.
