The African Export-Import Bank (Afreximbank) has announced its intention to establish a $1-billion African Film Fund in 2024, aimed at supporting the film industry across the continent. Kanayo Awani, Executive Vice President of the Intra-African Trade Bank at Afreximbank, made the announcement during the opening of the 2023 CANEX Summit, held as part of the third Intra-African Trade Fair (IATF2023) in Cairo.
Awani stated that the fund would oversee film financing, co-finance projects with large studios, and provide financial support to African filmmakers, producers, and directors. She revealed that the bank had already increased its financing available to the creative sector from $500 million to $1 billion during CANEX WKND 2022. Currently, Afreximbank has a pipeline of over $600 million in film, music, visual arts, fashion, and sports deals.
Highlighting the growing significance of the film and audiovisual industries in Africa, Awani noted that they contributed $5 billion to the continent's GDP and employed approximately five million people. She emphasized the potential for the sector to create over 20 million jobs and generate $20 billion in annual revenues. However, she also identified challenges such as limited access to financing, copyright infringement due to weak laws, enforcement mechanisms, and lack of awareness.
Awani further addressed infrastructure and technology gaps, capacity limitations, a shortage of skilled professionals, and limited market access, which hinder the exposure and international reach of African creative and cultural products.
During the event, actor Boris Kodjoe, of Ghanaian descent, emphasized the influence of African creativity on various aspects of modern life. He called for the recognition and investment in Africa's cultural content, highlighting its potential to meet the world's demand for culturally specific global content. He also mentioned Africa's projected contribution of up to 10% of global creative goods exports by 2030, valued at approximately $200 billion or 4% of Africa's GDP.
Albert M. Muchanga, Commissioner for Trade and Industry of the African Union Commission, acknowledged the rapid growth of Africa's creative sector and its significant contribution to inclusive growth and sustainable development. He urged African nations to harness the sector's potential, emphasizing the importance of protecting intellectual property rights and converting potential into tangible projects.
The CANEX Summit, part of IATF2023, is an Afreximbank initiative aimed at supporting Africa's creative and cultural industries through financing and non-financing instruments. The seven-day event serves as a platform for business-to-business and business-to-government engagements, featuring a fashion show showcasing designs from across Africa and the Diaspora, as well as the CANEX Music Factory, providing opportunities for songwriters and beat makers to record their work.
IATF2023, Africa's largest trade and investment fair, commenced on 9th November and will run until 15th November 2023.
