New Telegraph-Admin 
African Export-Import Bank (Afreximbank), through its development impact investment arm, the Fund for Export-Development in Africa (FEDA), has committed to spearhead the launch of the Africa Film Fund as part of its Creative Africa Nexus Programme (CANEX).
According to a press release, this transformative undertaking of up to $1 billion is designed to revolutionise Global Africa’s film and creative industry.
The statement said that the move follows Afreximbank Group’s commitment at the CANEX Weekend (CANEX WKND 2024) in Algiers, Algeria, in October 2024, where the Bank announced plans to launch a private equity film fund through FEDA to support film production and distribution across Africa and empower African filmmakers to create globally appealing content.
“The Fund will play a pivotal role in promoting the production and global distribution of high-quality films and TV series, further amplifying Global Africa’s cultural influence across the world.
In doing so, the Fund will be a catalyst 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,” the statement added.
It further said: “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 film industry on the continent has long faced challenges, including limited access to production facilities and equipment, a shortage of advanced post-production resources, and a lack of sufficient exhibition infrastructure—highlighted by fewer than 2,000 cinema screens and limited access to digital platforms.
Afreximbank’s interventions through FEDA seek to address some of these issues and more.” Professor Benedict Oramah, President of Afreximbank and Chairman of both the Boards of Directors of Afreximbank and FEDA commented:
“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.
“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.”
