Afreximbank Unveils $1B Africa Film Fund: A New Era for the Continent’s Creative Sector
The African Export-Import Bank (Afreximbank) has initiated a $1 billion Africa Film Fund aimed at transforming the global African film and creative industry.
Afreximbank unveiled this significant program via its development impact investment division, known as the Fund for Export Development in Africa (FEDA).
This strategic fund will unlock financing for African filmmakers -- supporting the production, post-production, distribution, and exhibition of high-quality films and TV series.
It will ALSO enable African storytellers to create globally competitive content while strengthening the continent's creative infrastructure.
The Africa Film Fund serves as more than just an investment in entertainment; it acts as a driving force for cultural autonomy, employment opportunities, and Africa’s impact on the worldwide creative sector, according to a social media statement from the bank.
The initiative underscores Afreximbank’s pledge from Creative Africa Nexus — CANEX WKND 2024 in Algiers to invest patient capital aimed at supporting creatives and fostering sustainable sector expansion.
Given that Africa’s film and audiovisual sector currently commands more than $5 billion in yearly revenue and supports over five million jobs, this fund has the capability to unleash further growth throughout the entire value chain.
Provided by Syndigate Media Inc. ( Syndigate.info ).
