The African Export-Import Bank (Afreximbank) plans to launch a $1 billion Africa Film Fund through its development impact investment arm, the Fund for Export-Development in Africa (FEDA), as part of its Creative Africa Nexus (CANEX) Programme.
This private equity fund aims to support the production and global distribution of high-quality African films and television series, addressing challenges such as limited funding, scalability, and access to global markets.
Announced at CANEX Weekend 2024 in Algiers, Algeria, in October 2024, the fund seeks to empower African filmmakers to create globally appealing content, amplifying Global Africa’s cultural influence.
It will mobilise patient capital to enable filmmakers to produce world-class content, fostering a thriving creative ecosystem.
According to the UNESCO Institute for Statistics, Africa’s film and audiovisual industry generates approximately $5 billion annually and employs over 5 million people.
However, the industry faces constraints, including limited production facilities, advanced post-production resources, fewer than 2,000 cinema screens, and restricted access to digital platforms.
Afreximbank President and Chairman of FEDA, Professor Benedict Oramah, stated, “The Africa Film Fund is timely as it will accelerate the growth of Africa’s creative sector, which has seen rapid expansion but continues to face significant challenges, including funding, scaling, and accessing global markets.”
He added that initiatives like the CANEX Shorts Awards demonstrate Afreximbank’s commitment to amplifying diverse African voices and driving economic growth through the creative industry.
Marlene Ngoyi, CEO of FEDA, emphasised, “The Africa Film Fund is about building a thriving ecosystem that empowers Global Africa’s creative talent, fosters cultural exchange, and catalyses economic transformation with long-term, sustainable benefits.”
Kanayo Awani, Afreximbank’s Executive Vice-President of Intra-African Trade and Export Development, noted, “This fund will unlock the potential of Africa’s creative economy by providing storytellers with the platform, resources, and visibility they deserve, positioning culture as a strategic asset for economic growth, youth empowerment, and regional integration.”
Viola Davis, co-founder of JVL Media LLC and an EGOT-winning actress, welcomed the initiative, stating, “African stories are deeply human and universally powerful. This fund invites the world to see Africa through its creators—bold, unfiltered, and rich in truth.”
Boris Kodjoe, award-winning actor and managing partner of FC Media Group, added, “Partnering with Afreximbank and FEDA to support quality content development in Africa and beyond is a dream come true for telling stories on a global scale.”