Africa: Afreximbank to double CANEX funding to $2bn to boost creative economy
Benjamin Orisemeke
President and Chairman of the Board of Directors of Afreximbank, Professor Benedict Oramah, has announced that Afreximbank will increase its funding to the Creative Africa Nexus (CANEX) programme from $1 billion to$2 billion for the next three years.
The announcement was made during the CANEX WKND 2024 opening ceremony in Algiers, Algeria, and underscores the Bank’s dedication to Africa’s growing creative economy.
The decision to double CANEX funding arises from a marked surge in demand across Africa’s creative sectors. Since 2022, Afreximbank has seen a significant increase in opportunities within industries from film production and music to fashion manufacturing and sports. With the newly increased $2 billion fund, Afreximbank aims to fulfil these verticals’ growing needs by providing infrastructure, financing, and other resources that will help Africa’s creative industries flourish on a global scale.
Professor Oramah observed that this expansion marks a historic progression in Afreximbank’s strategy to support the creative economy – from the Bank’s initial commitment of $500 million to the sector when CANEX launched in 2020. That figure, the President noted, increased to $1 billion in 2022 to satisfy demand. This upward trend reflects Afreximbank’s profound belief in the power of African creativity to drive economic growth and generate employment.
Commenting on the funding decision, Prof. Oramah said: “As with many things in Africa, opportunities in the African creative industries abound but remain untapped. This is why Afreximbank has adopted a proactive approach to catalysing the industry. Today, I am pleased to announce a further doubling of our creative industry finance window to 2 billion US dollars for the next three years. This will enable us to support significant infrastructure investments for film production, stadia, arenas, manufacturing facilities for fashion, and training centres.”
The new funding will primarily focus on infrastructure development, which remains a key challenge in the creative sectors. Afreximbank plans to invest in film production facilities, music arenas, sports stadiums, and fashion manufacturing hubs across the continent. These projects aim to equip African creatives with the necessary tools and spaces to produce content and goods that can compete internationally.
Moreover, the fund will also support talent development. Afreximbank’s goal is to help nurture and train African creative professionals to international best-standards, ensuring they have the skills and resources to thrive.
Afreximbank also recognizes the need for innovative financing solutions tailored to the unique challenges of the creative economy. In response, the Bank is developing a $500 million private equity film fund through its impact equity arm, Fund for Export Development in Africa (FEDA). This initiative will finance film production and distribution, giving African filmmakers access to critical resources for creating content that can attract global audiences.
Another focus area for the Fund will be the fostering of collaborations between Africa and the Diaspora.
