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New Telegraph

Afreximbank Announces Plan To Double CANEX Funding To $2bn

President and Chairman of the Board of Directors of Afreximbank, Professor Benedict Oramah, has said Afreximbank will increase its funding to the Creative Africa Nexus (CANEX) programme from $1 billion to $2 billion for the next three years.

The announcement made during the CANEX WKND 2024 opening ceremony in Algiers, Algeria, recently, underscores the bank’s dedication to Africa’s growing creative economy.

The decision to double CANEX funding arises from a marked surge in demand across Africa’s creative sectors. Since 2022, Afreximbank has seen a significant increase in opportunities within industries from film production and music to fashion manufacturing and sports.

With the newly increased $2 billion fund, Afreximbank aims to fulfil these verticals’ growing needs by providing infrastructure, financing, and other resources that will help Africa’s creative industries flourish on a global scale.

Oramah observed that this expansion marked a historic progression in Afreximbank’s strategy to support the creative economy – from the bank’s initial commitment of $500 million to the sector when CANEX launched in 2020.

That figure, the President noted, increased to $1 billion in 2022 to satisfy demand. This upward trend reflects Afreximbank’s profound belief in the power of African creativity to drive economic growth and generate employment.

Commenting on the funding decision, Oramah said: “As with many things in Africa, opportunities in the African creative industries abound but remain untapped.

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