Afreximbank to Double Financing for Creative and Cultural Industries in Africa to $2 Billion
The African Export-Import Bank (Afreximbank) has announced that it will double the financing for its program supporting creative and cultural industries in Africa, increasing it from $1 billion to $2 billion over the next three years.
This decision marks a major milestone for the sector, which generated $4 billion on the continent in 2022, according to the United Nations Conference on Trade and Development (UNCTAD).
The CANEX program, launched in 2021 with an initial financing of $500 million, has seen growing demand from sector players. The decision to double the allocated funds reflects Afreximbank's confidence in the ability of African creative industries to stimulate economic growth and generate jobs.
The additional funds will primarily be used for infrastructure development, identified as a major obstacle for the sector. Afreximbank plans to invest in film production studios, stadiums, music arenas, and fashion production centers to support industry growth.
Furthermore, a portion of the funds will be dedicated to training African talent and creating partnerships with foreign creators. The bank also plans to launch a $500 million investment fund dedicated to the film industry through its impact investment arm, the Fund for Export Development in Africa (FEDA).
This significant investment is expected to have a profound impact on the creative and cultural industries in Africa, driving growth, creating jobs, and promoting African talent on the global stage.
