Afreximbank is making a significant move in Africa’s creative industry by launching a $1 billion Africa Film Fund to elevate the continent’s film and television sector. Announced under the Bank’s Creative Africa Nexus (CANEX) initiative, the fund will be managed by the Bank’s investment arm, the Fund for Export Development in Africa (FEDA).
This landmark initiative is set to provide long-term capital for film production, post-production, and distribution—addressing major gaps in Africa’s underfunded film industry, which generates $5 billion annually and creates over 5 million jobs.
“This is more than just film financing,” said FEDA CEO Marlene Ngoyi. “We’re building an ecosystem to harness Africa’s creative talent and drive inclusive growth.”
The fund is part of Afreximbank’s commitment made during CANEX Weekend 2024 in Algiers to empower Africa’s filmmakers to create globally competitive content. The Bank also supports related initiatives such as the CANEX Shorts Awards to promote job creation and cultural expansion.
Africa lacks modern film infrastructure, with fewer than 2,000 cinema screens and limited access to streaming platforms. The Africa Film Fund aims to address these issues by financing projects with both commercial and cultural value, enhancing content quality, international visibility, and export revenues.
“Africa’s culture is not just soft power—it’s economic power,” said Kanayo Awani, Afreximbank’s Executive Vice President for Intra-African Trade and Export Development.
Global investors are applauding the move. Viola Davis, actress and co-founder of JVL Media, described it as “an invitation for the world to see Africa through its creators.” Actor Boris Kodjoe noted that the fund makes the dream of global African storytelling more achievable.
This marks one of the largest creative-sector investments by a multilateral bank, signalling a significant shift in how Africa’s cultural industries are being recognised and supported.
