African Export-Import Bank (Afreximbank) has launched Africa Film Fund, a billion-dollar fund targeted at transforming Africa’s film and creative industry.
Although the African film and audio-visual industry generates an estimated $5 billion in annual revenues and employs over 5 million people on the continent, the film industry still battles with limited access to production facilities and equipment, a shortage of advanced post-production resources, and a lack of sufficient exhibition infrastructure – boasting less than 2000 cinema screens and limited access to digital platforms, stated a UNESCO Institute of Statistics report.
The fund will support film promotion and distribution across Africa and empower African filmmakers to create globally appealing content. It will play a pivotal role in promoting the production and global distribution of high-quality films and TV series, thereby amplifying global Africa’s cultural influence across the world.
Africa Film Fund is spearheaded by Afreximbank’s development impact investment arm, Fund for Export-Development in Africa (FEDA), as part of its Creative Africa Nexus Programme (CANEX).
“Through investments in the film sector, alongside initiatives such as 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 the creative industry’s potential to drive economic growth across Africa,” said the President of Afreximbank, Benedict Oramah.
CEO of FEDA, Marlene Ngoyi added that the fund is about building thriving ecosystem that empowers Global Africa’s creative talent, fosters cultural exchange and catalyzes economic transformation.
For American EGOT actress, Viola Davis, founder of JVL Media LLC, Africa Film Fund “is an invitation to the world to see Africa through the lens of its own creators – bold, unfiltered, and rich in truth.
I am proud to be a part of this momentous step toward a more inclusive global film industry”.
