Afreximbank launches Africa Film Fund, a $1 billion fund aimed at transforming the African film and audiovisual industry by overcoming the structural barriers that hinder its development.
Faced with a lack of infrastructure (there are fewer than 2,000 movie theaters across Africa for more than a billion inhabitants), the limitations of online distribution, which restricts the distribution of works, and above all the lack of funding to meet international standards, the Africa Film Fund proposes to:
- Funding the production and distribution of high-quality African films and series for a global audience.
- Attract private investment by acting as a catalyst to mobilize additional capital in the African creative sector.
- Strengthen production, post-production, and distribution infrastructure, which is currently inadequate on the continent.
- Boost employment and economic growth by capitalizing on a sector that already generates approximately $5 billion in annual revenue and employs more than 5 million people.
The fund will be managed by the Fund for the Development of Exports in Africa (FEDA), which will focus on
- Investment in promising projects: films, series, and audiovisual content with international potential.
- Capacity building: training professionals and supporting emerging talent.
- Promoting African culture: by promoting authentic and diverse narratives.
Through this fund and also the Creative Africa Nexus (CANEX) program, Afreximbank, the pan-African bank based in Cairo, is demonstrating its interest in the creative industries in Africa.