Afreximbank launches Sh129bn funding kitty to empower African creatives
The initiative promises to open up opportunities for filmmakers and artists to scale their craft to global standards, nurture talent, and spur job creation within the creative economy.
In a bid to address the frequent struggles of Kenyan and other African creatives and filmmakers, Afreximbank has launched a $1 billion (Sh129 billion) funding kitty for the cause.
Dubbed the ‘Africa Film Fund’, the initiative promises to open up opportunities for filmmakers and artists to scale their craft to global standards, nurture talent, and spur job creation within the creative economy.
The lender further says the Fund will play a pivotal role in promoting the production and global distribution of high-quality films and TV series.
This is with an ambition of amplifying Africa’s cultural influence across the world.
“In doing so, the Fund will be a catalyst to attract and direct crucial patient capital into Africa’s film and TV production industry, mobilising resources that would enable filmmakers and storytellers to produce world-class content that resonates globally,” Afreximbank said in a statement.
Data by the UNESCO Institute for Statistics shows the African film and audio-visual industry generates an estimated $5 billion (Sh646 billion) in annual revenues, and employs over five million people across the continent.
Additionally, the sector reportedly has the potential to create over 20 million jobs and generate at least $20 billion (Sh2.6 trillion) in revenues annually.
However, the industry is said to have long faced challenges, including limited access to production facilities and equipment, a shortage of advanced post-production resources, and a lack of sufficient exhibition infrastructure.
Limited access to funding, along with copyright violations stemming from weak copyright laws, inadequate enforcement, and a lack of awareness, are additional challenges facing the sector.
Commenting on the initiative, Professor Benedict Oramah, President of Afreximbank, said the establishment of the Fund is timely, as it will help accelerate the growth of Africa’s creative sector, which has witnessed rapid growth but continues to face significant challenges.
“Through investments in the film sector, 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,” Oramah said.
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