Afreximbank Launches $1 Billion Fund to Boost African Film Industry
The African Export-Import Bank (Afreximbank) has launched a $1 billion Africa Film Fund aimed at transforming the continent's film industry.
Afreximbank Launches $1 Billion Fund to Boost African Film Industry
The African Export-Import Bank (Afreximbank) has launched a $1 billion Africa Film Fund aimed at transforming the continent's film industry. This initiative seeks to empower African filmmakers, enhance global distribution of African stories, and stimulate economic growth through the creative sector.
About Afreximbank
The African Export-Import Bank (Afreximbank) is a Pan-African financial institution that supports and finances trade across Africa. For over 30 years, it has developed innovative solutions to boost industrialization, intra-African trade, and economic growth. A key partner in implementing the African Continental Free Trade Agreement (AfCFTA), Afreximbank launched the Pan-African Payment and Settlement System (PAPSS) and is setting up a \$10 billion Adjustment Fund to help countries participate effectively. By the end of 2023, the Bank’s assets and guarantees exceeded \$37.3 billion, with over \$104 billion disbursed from 2016 to 2023. Headquartered in Cairo, Afreximbank is rated investment-grade by major agencies and operates as a group that includes FEDA and AfrexInsure.
Purpose of the Fund
The Africa Film Fund is designed to provide long-term capital to African filmmakers and producers. Managed through the Fund for Export Development in Africa (FEDA), the fund will support the production and global distribution of high-quality African films and TV series. This move aims to address challenges such as limited access to financing, inadequate infrastructure, and restricted market access that have long hindered the growth of Africa's film industry.
Beyond financing, the fund aims to build a sustainable ecosystem for African storytelling. It will support infrastructure development and talent training and foster collaborations between Africa and its diaspora. By doing so, Afreximbank envisions a thriving creative industry that contributes significantly to the continent's GDP and employment.
Renowned personalities have lauded the initiative. Actor Boris Kodjoe expressed excitement about the opportunity to tell African stories on a global scale. Similarly, actress Viola Davis emphasized the power and authenticity of African narratives, highlighting the fund's role in promoting a more inclusive global film industry.
The African film and audiovisual industry currently generates approximately $5 billion annually and employs over 5 million people. With adequate support, the sector has the potential to create over 20 million jobs and generate $20 billion in annual revenues.
Afreximbank's $1 billion Africa Film Fund represents a significant investment in the continent's creative economy. By addressing longstanding challenges and providing necessary resources, the fund aims to elevate African cinema to new heights, enabling storytellers to share their narratives with the world.