Afreximbank unveils $1bn Africa film fund.
The African Export-Import Bank, through its development impact investment arm, the Fund for Export-Development in Africa, has unveiled a $1bn Africa Film Fund to revolutionise the continent’s film and creative industry.
The fund, launched under the Creative Africa Nexus Programme, aims to support the production and global distribution of African films and television content, addressing key infrastructure and financing challenges that have stifled growth in the sector.
“African Export-Import Bank, through its development impact investment arm, the Fund for Export-Development in Africa, has committed to spearhead the launch of the Africa Film Fund (‘the Fund’) as part of its Creative Africa Nexus Programme. This transformative undertaking of up to $1bn is designed to revolutionise Global Africa’s film and creative industry,” the statement partly read.
According to the bank, the Africa Film Fund will be managed through FEDA as a private equity vehicle, offering long-term capital to enable the creation of high-quality content and empower African storytellers to compete globally.
President of Afreximbank, Benedict Oramah, stated, “Film is a cornerstone of the 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.”
Source: punchng
