ALGIERS, Algeria, October 18, 2024 -- President and Chairman of the
Board of Directors of Afreximbank (www.AfreximBank.com [4]), Professor
Benedict Oramah, has announced that Afreximbank will increase its
funding to the Creative Africa Nexus (CANEX) programme from $1 billion
to $2 billion for the next three years. The announcement was made during
the CANEX WKND 2024 opening ceremony in Algiers, Algeria, and
underscores the Bank’s dedication to Africa’s growing creative
economy.

The decision to double CANEX funding arises from a marked surge in
demand across Africa’s creative sectors. Since 2022, Afreximbank has
seen a significant increase in opportunities within industries from film
production and music to fashion manufacturing and sports. With the newly
increased $2 billion fund, Afreximbank aims to fulfil these verticals’
growing needs by providing infrastructure, financing, and other
resources that will help Africa’s creative industries flourish on a
global scale.

Professor Oramah observed that this expansion marks a historic
progression in Afreximbank’s strategy to support the creative economy
– from the Bank’s initial commitment of $500 million to the sector
when CANEX launched in 2020. That figure, the President noted, increased
to $1 billion in 2022 to satisfy demand. This upward trend reflects
Afreximbank’s profound belief in the power of African creativity to
drive economic growth and generate employment.

Commenting on the funding decision, Prof. Oramah said:

“As with many things in Africa, opportunities in the African creative
industries abound but remain untapped. This is why Afreximbank has
adopted a proactive approach to catalysing the industry. Today, I am
pleased to announce a further doubling of our creative industry finance
window to 2 billion US dollars for the next three years. This will
enable us to support significant infrastructure investments for film
production, stadia, arenas, manufacturing facilities for fashion, and
training centres.”

The new funding will primarily focus on infrastructure development,
which remains a key challenge in the creative sectors. Afreximbank plans
to invest in film production facilities, music arenas, sports stadiums,
and fashion manufacturing hubs across the continent. These projects aim
to equip African creatives with the necessary tools and spaces to
produce content and goods that can compete internationally.

Moreover, the fund will also support talent development. Afreximbank’s
goal is to help nurture and train African creative professionals to
international best-standards, ensuring they have the skills and
resources to thrive.

Afreximbank also recognizes the need for innovative financing solutions
tailored to the unique challenges of the creative economy. In response,
the Bank is developing a $500 million private equity film fund through
its impact equity arm, Fund for Export Development in Africa (FEDA).
This initiative will finance film production and distribution, giving
African filmmakers access to critical resources for creating content
that can attract global audiences.

Another focus area for the Fund will be the fostering of collaborations
between Africa and the Diaspora. The viability of this model has been
demonstrated by partnerships such as that between African musicians and
global artists like the Afro-Brazilian band OLODUM, which led to the
production of the acclaimed "ONE Drum" EP. The expanded fund will enable
more collaborations of this kind, amplifying African cultural expression
and visibility on the global stage.