Latest news with #AfricaFilmFund
Broadcast Pro
14-05-2025
- Business
- Broadcast Pro
Afreximbank and FEDA launch $1bn Africa Film Fund
The fund aims to boost production and global distribution of quality African films and TV, enhancing the continent's cultural impact worldwide. The African Export-Import Bank (Afreximbank), through its impact investment subsidiary, the Fund for Export-Development in Africa (FEDA), has announced the establishment of the Africa Film Fund, a landmark initiative set to reshape the future of filmmaking and the broader creative sector across the African continent. Launched under the Bank's Creative Africa Nexus (CANEX) programme, the fund represents a transformative commitment of up to $1bn to stimulate the growth of Africa's film and audiovisual industries. Professor Benedict Oramah, President of Afreximbank and Chairman of the Boards of both Afreximbank and FEDA, emphasised the strategic importance of this initiative, describing film as a foundational pillar of the CANEX programme. He noted that while Africa's creative sector has expanded rapidly in recent years, it continues to face persistent challenges, including limited funding, difficulty scaling productions, and restricted access to international markets. The Africa Film Fund, he explained, aims to close these gaps and enable African creators to achieve global reach. Oramah added that the Fund will work in tandem with complementary efforts such as the CANEX Shorts Awards to elevate diverse African narratives. These initiatives, he said, reflect Afreximbank's broader vision to harness the power of culture as an economic engine and a tool for global influence. The Africa Film Fund was first proposed during the CANEX Weekend 2024 in Algiers, where Afreximbank pledged to create a private equity vehicle via FEDA to support film production and distribution across the continent. The Fund will serve as a critical lever to boost both the quality and reach of African film and television projects, helping to export Global Africa's cultural identity while drawing essential investment into the sector. According to the UNESCO Institute for Statistics, the African film and audiovisual industry already contributes an estimated $bn in annual revenue and employs more than 5m people. Yet the sector faces notable structural obstacles, including limited access to production and post-production facilities, a dearth of exhibition venues—with fewer than 2,000 cinema screens continent-wide—and inadequate availability of digital distribution platforms. The Africa Film Fund is designed to address these issues comprehensively, not only by providing capital but also by nurturing an enabling ecosystem for creators. Marlene Ngoyi, CEO of FEDA, highlighted the Fund's broader mission, stating that the initiative is about more than just financing—it's about empowering African talent, fostering cultural exchange, and driving sustainable economic transformation. She emphasised FEDA's commitment to ensuring that the Fund yields long-term, inclusive benefits across the creative landscape. Kanayo Awani, Executive Vice-President of Intra-African Trade and Export Development at Afreximbank, reinforced this sentiment, noting that the Fund offers African storytellers access to the tools, platforms, and visibility necessary to share their narratives on the global stage. For Awani, the creative economy is a strategic asset—one that contributes not only to cultural expression but also to youth empowerment, economic resilience, and regional integration. The announcement has drawn enthusiastic support from influential figures in the global entertainment industry. Viola Davis, EGOT-winning actress and co-founder of JVL Media LLC, praised the initiative for giving voice to Africa's rich storytelling tradition. 'African stories are deeply human and universally powerful,' Davis said. 'This Fund is an invitation to the world to see Africa through the lens of its own creators—bold, unfiltered, and rich in truth.' Boris Kodjoe, acclaimed actor and Managing Partner of FC Media Group, also expressed his excitement about the Fund, calling it the realisation of a long-held dream to produce global stories rooted in African experiences. Kodjoe welcomed the partnership with Afreximbank and FEDA as a vital step toward developing high-quality, internationally resonant content. With this bold investment in the future of African cinema, Afreximbank and FEDA are positioning the continent's creative industries at the centre of a new cultural and economic renaissance—one driven by authentic African voices and stories with universal appeal.
Zawya
07-05-2025
- Business
- Zawya
Afreximbank launches US$ 1 Billion Africa Film Fund to transform the continent's creative industry
African Export-Import Bank (Afreximbank) ( through its development impact investment arm, the Fund for Export-Development in Africa (FEDA), has committed to spearhead the launch of the Africa Film Fund ('the Fund') as part of its Creative Africa Nexus Programme (CANEX). This transformative undertaking of up to US$1 billion is designed to revolutionize Global Africa's film and creative industry. This move follows Afreximbank Group's commitment at the CANEX Weekend (CANEX WKND 2024) in Algiers, Algeria, in October 2024, where the Bank announced plans to launch a private equity film fund through FEDA to support film production and distribution across Africa and empower African filmmakers to create globally appealing content. The Fund will play a pivotal role in promoting the production and global distribution of high-quality films and TV series, further amplifying Global Africa's cultural influence across the world. In doing so, the Fund will be a catalyst to attract and direct crucial patient capital into Global Africa's film and TV production industry, mobilising resources that would enable filmmakers and storytellers to produce world-class content that resonates globally. According to the UNESCO Institute for Statistics, the African film and audiovisual industry generates an estimated US$5 billion in annual revenues and employs over 5 million people across the continent. However, the film industry on the continent has 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—highlighted by fewer than 2,000 cinema screens and limited access to digital platforms. Afreximbank's interventions through FEDA seek to address some of these issues and more. Professor Benedict Oramah, President of Afreximbank and Chairman of both the Boards of Directors of Afreximbank and FEDA commented: 'Film is a cornerstone of the Creative Africa Nexus (CANEX) programme and the establishment of the Africa Film 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 including funding, scaling and accessing global markets.' Prof. Oramah added, 'Through investments in the film sector, alongside initiatives such as the 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.' Marlene Ngoyi, CEO of FEDA, emphasized the Fund's role in driving inclusive growth, stating that: 'The Africa Film Fund is not merely about financing films - it is about building a thriving ecosystem that empowers Global Africa's creative talent, fosters cultural exchange, and catalyses economic transformation. At FEDA, we are committed to ensuring this initiative delivers tangible impact with long-term and sustainable benefits.' Kanayo Awani, Executive Vice-President of Intra-African Trade and Export Development, Afreximbank, added: ' This Fund will help unlock the full potential of Africa's creative economy by giving African storytellers the platform, resources, and visibility they deserve. It reflects our belief that culture is not just a soft power, but a strategic asset for economic growth, youth empowerment, and regional integration.' Viola Davis, co-founder of JVL Media LLC and an EGOT (Emmy, Grammy, Oscar, Tony) winning actress welcomed the initiative: ' African stories are deeply human and universally powerful. This 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. ' Boris Kodjoe, award winning actor and Managing Partner of FC Media Group, stated: "It has been a long-term dream of mine to be able to tell stories on a global scale. I am grateful and excited to partner with our friends at Afreximbank and FEDA in order to support quality content development and creation in Africa and beyond." Distributed by APO Group on behalf of Afreximbank. About FEDA: The Fund for Export Development in Africa ('FEDA') is the impact investment subsidiary of Afreximbank ( set up to provide equity, quasi-equity, and debt capital to finance the multi-billion-dollar funding gap (particularly in equity) needed to transform the Trade sector in Africa. FEDA pursues a multi-sector investment strategy along the intra-African trade, value-added export development, and manufacturing value chain which includes financial services, technology, consumer and retail goods, manufacturing, transport&logistics, agribusiness, as well as ancillary trade enabling infrastructure such as industrial parks. To date, FEDA has invested more than US$590 million in companies and projects across its various fund initiatives, in sectors such as manufacturing, agro-processing, financial services, healthcare and pharmaceuticals, amongst others. About Afreximbank: African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank's total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa1), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, "the Group"). The Bank is headquartered in Cairo, Egypt.
