Kigali – The African Export Bank (Afreximbank) (www.afreximbank.com) has committed to insisting on the launch of the African Film Fund (“Fund”) as part of the Creative African NEXUS Programme (CanEx) through its development impact investment arm, African Export Development Fund (FEDA).
This transformative venture, which weighs up to US$1 billion, is designed to revolutionize the global African cinema and creative industry.
The move follows the commitment of Afreximbank Group at the Canex weekend (Canex WKND 2024) in Algiers, Algeria in October 2024, when the bank launched a private equity film fund through Feda, to support film production and distribution across Africa, and to announce the Empire to create content that African filmmakers volunteer to apply to worldwide.
The fund plays a pivotal role in fostering the production and global distribution of high-quality films and television series, further amplifying the cultural influence of global Africa across the world.
In doing so, the fund will be a catalyst for attracting and guiding critical patient capital into the global African film and television production industry, mobilizing resources that enable filmmakers and storytellers to produce world-class content that resonates worldwide.
According to the UNESCO Statistics Institute, the African film and audiovisual industry generate an estimated US$5 billion in annual revenue and employs more than 5 million people across the continent.
However, the continent's film industry has long faced challenges, including limited access to production facilities and equipment, lack of sophisticated post-production resources, and lack of adequate exhibition infrastructure, with limited access to less than 2,000 film screens and digital platforms.
Afreximbank's intervention by Feda is trying to address some of these issues and more.
Professor Benedict Oramah, president of Afreximbank and chairman of the boards of Afreximbank and Feda, commented:
Professor Oramah added, “Through investment in the film sector, Afreximbank is committed to celebrating and amplifying the voice and experience of Africa to a diverse range, thereby inspire creative industries and unlocking the possibilities of creative industries that will drive economic growth across Africa.”
FEDA CEO Marlene Ngoyi highlighted the fund's role in fostering inclusive growth, saying, “The African Film Fund is not merely about film funding, it is to empower global African creative talent, promote cultural exchange, and build a prosperous ecosystem that drives economic change.
“FEDA is committed to ensuring that this initiative has tangible impacts with long-term and sustainable benefits.”
Kanayo Awani, vice-chairman of intra-African trade and export development, added:
“It reflects our belief that culture is not just soft power, but a strategic asset for economic growth, youth empowerment and regional integration.”
Viola Davis, co-founder of JVL Media LLC and actress of EGOT (Emmy, Grammy, Oscar, Tony), welcomed the initiative.
“This fund is an invitation to the world to see Africa through the lens of its own creators. It's bold, unfiltered, and rich in truth. I'm proud to be part of this important step into a more inclusive global film industry.”
“The award-winning actor and managing partner of FC Media Group,” said Boris Kodjoe.
“We are grateful and excited to be able to partner with friends from Afreximbank and Feda to support the development and creation of quality content in Africa and beyond.”
