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The African Export-Import Bank (Afreximbank) has announced the set up of a $1 billion (Ksh 129b) fund to support film production in the continent.
The Africa Film Fund which has been established through Afreximbank’s impact investment arm, the Fund for Export-Development in Africa (FEDA) is expected to help promote the production and global distribution of high-quality films and TV series in a bid to further amplifying Africa’s cultural influence across the world.
“Film is a cornerstone of the Creative Africa Nexus (CANEX) programme and the establishment of the Africa Film Fund is timely as it will help accelerate the growth of Africa’s creative sector, which has witnessed rapid growth but continues to face significant challenges including funding, scaling and accessing global markets,” Said Prof. Benedict Oramah, President of Afreximbank and Chairman of both the Boards of Directors of Afreximbank and FEDA.
Fund will be further targeted to attract and direct crucial patient capital into Global Africa’s film and TV production industry, mobilising resources that would enable filmmakers and storytellers to produce world-class content that resonates globally.
“Through investments in the film sector, alongside initiatives such as the CANEX Shorts Awards, Afreximbank is committed to celebrating and amplifying a diverse range of African voices and experiences, thereby catalysing the creative industry and unleashing the creative industry’s potential to drive economic growth across Africa,” added Oramah.
According to the UNESCO Institute for Statistics, the African film and audiovisual industry generates an estimated $5 billion in annual revenues and employs over 5 million people across the continent.
However, the growth of the industry is still hurting by limited access to production facilities and equipment, a shortage of advanced post-production resources, and a lack of sufficient exhibition infrastructure and limited access to digital platforms.
