The African Export-Import Bank (Afreximbank), through its impact investment subsidiary, the Fund for Export-Development in Africa (FEDA), has announced a groundbreaking $1 billion Africa Film Fund (AFF). This ambitious initiative aims to reshape the African film and creative landscape by providing much-needed capital and infrastructure support. Operating under the umbrella of Afreximbank’s Creative Africa Nexus (CANEX) program, the AFF seeks to overcome the persistent financial and logistical hurdles that have long hindered the growth and global reach of African cinema. It represents a significant investment in the creative potential of the continent and a strategic effort to empower African storytellers to compete on the world stage.
The AFF, structured as a private equity vehicle managed by FEDA, will offer long-term financing for film and television productions, enabling the creation of high-quality content. This addresses a critical gap in the African film industry, which has often struggled to secure sustainable funding for projects with international appeal. By providing access to significant capital, the fund aims to nurture a new generation of African filmmakers and facilitate the development of compelling narratives that resonate with global audiences. This injection of capital is expected to stimulate the entire value chain of the film industry, creating jobs and fostering broader economic growth across the continent.
Afreximbank President Benedict Oramah emphasized the importance of film as a cornerstone of the broader CANEX program. He highlighted the fund’s timely arrival, given the rapid growth and concurrent challenges faced by the African creative sector. The AFF’s strategic focus on addressing funding limitations, scaling production capabilities, and facilitating access to international markets aligns with Afreximbank’s commitment to fostering sustainable development through investment in key sectors. The fund’s launch complements other CANEX initiatives, such as the CANEX Shorts Awards, which further amplify African voices and showcase the diverse creative talents across the continent.
FEDA CEO Marlene Ngoyi stressed that the AFF’s scope extends beyond mere financial backing. The fund aims to cultivate a thriving ecosystem that empowers Africa’s creative talent, promotes cultural exchange, and drives economic transformation. This holistic approach recognizes the interconnectedness of various elements within the film industry, from talent development and content creation to distribution and marketing. By supporting the development of a robust infrastructure, the AFF aims to create a sustainable foundation for long-term growth and global competitiveness.
The AFF has garnered support from prominent figures in the entertainment industry, including Boris Kodjoe, Managing Partner of FC Media Group. Kodjoe expressed his enthusiasm for the partnership with Afreximbank and FEDA, emphasizing the fund’s potential to support high-quality content development and creation both within Africa and internationally. This collaboration underscores the growing recognition of the African film industry’s potential and the increasing willingness of global players to invest in its future.
The launch of the AFF coincides with another significant development spearheaded by Afreximbank: the mobilization of $19 billion for the establishment of the Africa Energy Bank in Abuja, Nigeria. This parallel initiative, announced by Nigeria’s Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, reflects Afreximbank’s broader commitment to investing in critical sectors that drive economic growth and development across Africa. Both the Africa Film Fund and the Africa Energy Bank demonstrate Afreximbank’s strategic approach to fostering sustainable development by addressing critical gaps in financing and infrastructure within key industries. These investments are poised to unlock significant economic potential, create jobs, and contribute to a more prosperous future for the continent.
