(Press release)
The African Export-Import Bank (Afreximbank) has announced the signing of a €245 million global facility with New World Television (NWTV). The financing will be used in part to fund the channel's acquisition of media licensing rights for certain sports broadcasting copyrights from international media rights holders, enabling broadcasts across Africa.
The facility agreement, signed on October 19, 2024, on the sidelines of CANEX WKND 2024, covers the sports broadcasting rights of the International Federation of Association Football (FIFA), the Union of European Football Associations (UEFA), the Confederation of African Football (CAF), the French League, and the Spanish LaLiga.
Granted under Afreximbank's CANEX financing program, as part of the sports development framework of its creative economy strategy, which aims to alleviate constraints on the development of creative enterprises and stimulate intra- and extra-African exports of creative products, the facility is expected to support the development of the sports value chain in Africa by placing ownership of African sports content firmly in African hands.
The signing of the agreement was supervised by Ms. Kanayo Awani, Executive Vice President of Afreximbank, in charge of intra-African trade and export development, and Mr. Louis Biyao, representative of the President and CEO of NWTV.
Commenting on the facility, Ms. Awani said: "The importance of this facility lies in the significant impact it will have in enabling African companies, particularly in the creative sector, to take control of African sports. By taking control of these broadcasting rights, we will see the promotion of local content production, the creation of employment opportunities, and the strengthening of the continent's competitive advantage in the global market, while promoting cultural identity and economic growth. Afreximbank is firmly committed to supporting African companies that are advancing the creative sector, and this transaction is a testament to that commitment." "
For his part, Mr. Biyao said: "It is a great honor for NWTV to receive such support, which allows it to streamline its transactions without the constraints associated with currency exchange. This agreement opens up new opportunities for NWTV, guided by the motto 'produced by Africans, for Africans in Africa', to offer quality content to a greater number of Africans. This content is accessible and closely linked to their reality, at a very affordable cost."
He added: "NWTV aims to offer an innovative and accessible alternative in the African audiovisual landscape, broadcasting quality content in local languages, tailored to the expectations of African populations. This approach is perfectly in line with NWTV's desire to make audiovisual content available to all African households."
This facility should help address the challenge facing African sports, which are largely controlled by non-African broadcasters and organizations, by marking a strategic shift aimed at enabling African entities to take control of broadcasts, celebrate local sporting talent, and showcase the continent's rich sporting culture.
It will also stimulate the development of the African television industry ecosystem by increasing revenue opportunities for television stations, which will now be able to add more content to their programs and sell more advertising space, in addition to enabling NWTV to promote the broadcasting of sports content in local languages. NWTV, which is currently able to broadcast content in seven local languages in 24 countries, is working on three additional languages that will be rolled out in 2024.