In a bold move to further support Africa’s burgeoning creative economy, Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, has announced that the Bank will increase its funding for the Creative Africa Nexus (CANEX) programme from $1 billion to $2 billion over the next three years. The announcement, made during the CANEX WKND 2024 opening ceremony in Algiers, Algeria, highlights Afreximbank’s continued commitment to empowering Africa’s creative industries.
Surge in Demand Driving Funding Increase
The decision to double CANEX funding is driven by a notable rise in demand across Africa’s creative sectors. Since 2022, Afreximbank has witnessed a surge in opportunities spanning industries such as film production, music, fashion, and sports. With the new $2 billion fund, the Bank aims to meet the increasing needs of these sectors by providing vital infrastructure, financing, and resources that will enable African creatives to compete globally.
A Historic Commitment to Africa’s Creative Growth
Professor Oramah underscored that this funding increase represents a major step forward in Afreximbank’s long-term strategy to support the creative economy. Since CANEX’s launch in 2020, the Bank’s initial commitment of $500 million has already doubled to $1 billion in 2022. This upward trend reflects Afreximbank’s belief in the power of African creativity to drive economic growth and create jobs.
“As with many things in Africa, opportunities in the creative industries abound but remain untapped,” Professor Oramah commented. “This is why Afreximbank has adopted a proactive approach to catalysing the industry. Today, I am pleased to announce a further doubling of our creative industry finance window to $2 billion for the next three years. This will enable us to support significant infrastructure investments for film production, stadia, arenas, manufacturing facilities for fashion, and training centres.”
Focus on Infrastructure Development
One of the key areas of focus for the increased funding will be infrastructure development. Recognizing that inadequate infrastructure remains a significant barrier for the creative sectors, Afreximbank plans to invest heavily in the creation of film production facilities, music arenas, sports stadiums, and fashion manufacturing hubs across Africa. These initiatives aim to equip creatives with the tools and spaces they need to produce world-class content and products that can compete on a global scale.
Investing in Talent and Skills Development
In addition to infrastructure, the new fund will also support the development of African creative talent. Afreximbank’s goal is to nurture and train professionals in the creative industries, ensuring that they are equipped with the skills needed to meet international standards. By investing in talent, the Bank hopes to empower African creatives to thrive and showcase their work to a global audience.
Innovative Financing Solutions for Africa’s Creative Economy
Afreximbank is also addressing the need for innovative financing solutions tailored to the unique challenges of the creative economy. One such initiative is the development of a $500 million private equity film fund through its impact equity arm, the Fund for Export Development in Africa (FEDA). This fund will support film production and distribution, providing African filmmakers with the critical resources needed to create content that can attract and engage global audiences.
Strengthening Collaborations with the Diaspora
Another focus area of the new fund will be fostering collaborations between Africa and the Diaspora. This model has already proven successful, as seen in the partnership between African musicians and global artists like the Afro-Brazilian band OLODUM, which led to the production of the highly acclaimed “ONE Drum” EP. The expanded CANEX fund will enable more of these cross-cultural collaborations, amplifying African cultural expression and elevating Africa’s presence on the global stage.
By doubling its investment in Africa’s creative industries, Afreximbank is not only catalyzing economic growth but also ensuring that African voices continue to shape global culture and innovation.
Source: Afreximbank