Afreximbank has announced a major boost to Africa’s creative economy, increasing its funding for the Creative Africa Nexus (CANEX) programme from $1 billion to $2 billion over the next three years. This commitment, made during the CANEX WKND 2024 opening ceremony in Algiers, highlights the Bank’s dedication to supporting Africa’s creative industries, which are showing tremendous potential for growth across sectors like film, music, fashion, and sports.
The decision to double the funding is driven by an unprecedented surge in demand across Africa’s creative sectors since 2022. Afreximbank has responded by scaling up resources to meet the growing needs of these industries, providing not only financial support but also infrastructure and other key resources to help African creatives flourish on a global scale.
This marks a historic progression in Afreximbank’s support for the creative economy, which started with a $500 million commitment in 2020. As President and Chairman of the Board of Directors Professor Benedict Oramah emphasized, the Bank’s belief in the transformative power of African creativity has led to this continuous increase in funding, reflecting the significant role the creative economy plays in driving employment and economic growth across the continent.
The $2 billion fund will prioritize infrastructure development, a critical challenge for African creatives. Afreximbank plans to invest in building world-class film production facilities, music arenas, sports stadiums, and fashion manufacturing hubs. These investments will ensure that African creatives have the tools and spaces necessary to produce content and goods that can compete on the global stage.
In addition to infrastructure, Afreximbank will focus on talent development, nurturing the next generation of African creative professionals. The Bank aims to equip them with the skills and resources needed to thrive in international markets, ensuring that African talent meets global best-standards.
Furthermore, Afreximbank is developing a $500 million private equity film fund through its impact equity arm, Fund for Export Development in Africa (FEDA). This fund will finance film production and distribution, giving African filmmakers the resources to create content that resonates with global audiences. The expanded funding will also foster collaborations between Africa and the Diaspora, amplifying African cultural expression and visibility on the international stage.
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