The African Export-Import Bank (Afreximbank) has launched a groundbreaking $1 billion Africa Film Fund to bolster film production and distribution across the continent. This equity fund is expected to significantly enhance the creation and global reach of high-quality films and TV series, reinforcing Africa’s cultural impact worldwide.
Established in 1993, Afreximbank’s mission is to promote and expand African trade, with its headquarters in Cairo. The fund is part of Afreximbank’s development impact investment arm, the Fund for Export-Development in Africa (FEDA), and aligns with the Creative Africa Nexus Programme (CANEX). T5
The African film and audiovisual sector, which generates around $5 billion annually and employs over five million people, has faced numerous obstacles, including limited access to production resources and insufficient exhibition infrastructure. There are fewer than 2,000 cinema screens available.
Professor Benedict Oramah, president of Afreximbank, highlighted the initiative’s timely nature, emphasising its potential to accelerate the growth of Africa’s creative sector, which grapples with funding and global market access challenges. Marlene Ngoyi, CEO of FEDA, pointed out that the fund is not just about financing films; it aims to create a supportive ecosystem for Africa’s creative talent, fostering cultural exchange and economic transformation.
Acclaimed actress Viola Davis, co-founder of JVL Media LLC, praised the fund as an opportunity for the world to experience African stories through authentic narratives from its creators.
