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In an effort to support Africa’s creative industry, a US$1 billion facility has been earmarked to be launched in 2024.
This facility, African Export-Import Bank (Afreximbank), announced establishment of the US$1 billion African Firm Fund, which would be available next year.
Africa’s film industry is said to be confronted with infrastructure and technology gaps, lack of capacity and shortages of skilled professionals and limited market access.
Read more: Africa’s largest trade, investment fair begins, promises to unlock continent’s potential
This saw the bank working on establishing the Fund to assist the film industry.
Other constraints included limited access to international exposure, as a result of this, the African creative and cultural products often struggle to gain exposure.
Through its Intra-African Trade Bank at Afreximbank, Executive Vice President, Kanayo Awani, said in Cairo that the Fund would oversee film financing, co-finance with large studios, finance African filmmakers, producers and directors of film projects across the continent.
Awani pointed out that the bank had increased funding to the creative sector from US$500 million to US$1 billion.
She added during the Creative Africa Nexus (CANEX) WKND 2020 that they currently had a pipeline of more than US$600 million in film, music, visual arts, fashion and sports deal.
“The very first film we financed recently premiered at the Toronto Film Festival. The Bank has several in the pipeline from Nigeria, South Africa and Kenya, which should be on streaming platforms in 2024,” Awani said.
She acknowledged that the film and audiovisual industries in Africa accounted for US$ 5 billion of the continent’s Gross Domestic Product (GDP), with this sector employing an estimated five million people, with potential to create over 20 million jobs.
All these, Awani said, would generate US$20 billion in revenues annually.
She noted that the sector faced several challenges, including limited access to financing and copyright infringement due to weak copyright laws, enforcement mechanisms and a lack of awareness.
Speaking earlier, Boris Kodjoe, a celebrity actor of Ghanaian descent, highlighted how the creativity of Africans had influenced various aspects of modern life, including music, fashion, art, design, social consciousness, business, sports, film and TV.
He highlighted the exploitation of black creativity by the West, which he said had a lasting effects.
Kodjoe said despite admiration of black excellence, Africa still faced branding challenges due to external perception fueled by the traditional media’s depiction of poverty, famine, civil wars and migration on the continent.
He said that the world craved culturally specific global content and that Africa was a key player in meeting that demand.
African Union Commissioner for Trade and Industry Albert Muchanga, said that the creative sector in Africa was rapidly growing and making a significant contribution to the inclusive growth and sustainable development of African economies.
“I reaffirm my belief that the African creative industry has huge potential to be a source of employment and revenue to create the Africa we want – revenue from intra-African trade as well as revenue from the rest of the world,” he stated.
Ambassador Muchanga urged African nations to convert their vast potential into plans and projects that yield tangible results, stressing the need to also invest in protecting international property rights.
By 2030, Africa is projected to produce up to 10 per cent of global creative goods export worth roughly $200 billion or four per cent of Africa’s GDP.
The seven-day CANEX Summit is intended to further develop conversations and provide additional business-to-business and business-to-government opportunities.
It includes a fashion show featuring a range of bold and exciting designs from across Africa and the Diaspora and a CANEX Music Factory, hosted by renowned South African producer Oskido, which will provide songwriters and beat makers with the opportunity to record their work.
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