The African Export-Import Bank has launched a $1 billion Africa Film Fund to revolutionise the film and creative industry in the continent.
The development comes after the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, disclosed that the bank has already raised $19bn for the take-off of the Africa Energy Bank in Abuja.
The fund announced on Wednesday on its official X handle, was unveiled through its development impact investment arm, the Fund for Export-Development in Africa.
The fund, launched under the Creative Africa Nexus Programme, aims to support the production and global distribution of African films and television content, addressing key infrastructure and financing challenges that have stifled growth in the sector.
“African Export-Import Bank, through its development impact investment arm, the Fund for Export-Development in Africa, has committed to spearhead the launch of the Africa Film Fund (‘the Fund’) as part of its Creative Africa Nexus Programme. This transformative undertaking of up to $1bn is designed to revolutionise Global Africa’s film and creative industry,” the statement partly read.
According to the bank, the Africa Film Fund will be managed through FEDA as a private equity vehicle, offering long-term capital to enable the creation of high-quality content and empower African storytellers to compete globally.
President of Afreximbank, Benedict Oramah, stated, “Film is a cornerstone of the 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.”
He added, “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 its potential to drive economic growth across Africa.”
On his part, the Chief Executive Officer of FEDA, Marlene Ngoyi, noted that the initiative goes beyond financing films.
“The Africa Film Fund is not merely about financing films – it is about building a thriving ecosystem that empowers Global Africa’s creative talent, fosters cultural exchange, and catalyses economic transformation.”
The Managing Partner of FC Media Group, Boris Kodjoe, said, “It has been a long-term dream of mine to be able to tell stories on a global scale. I am grateful and excited to partner with our friends at Afreximbank and FEDA in order to support quality content development and creation in Africa and beyond.”
Credit:https://www.afreximbank.com ›
