The African Export-Import Bank (Afreximbank) has committed US$1 billion for the new Africa Film Fund through its development impact investment arm, the Fund for Export-Development in Africa (FEDA).
- •The private equity film fund is part of FEDA’s Creative Africa Nexus Programme (CANEX), designed to revolutionise and grow the film and creative industry on the continent.
- •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.
- •The fund will support film production and distribution across the continent.
“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,” Marlene Ngoyi, CEO of FEDA, said.
Despite significant growth in the last few decades, the film industry on the continent is still beset with challenges, including limited access to production facilities and equipment, a shortage of advanced post-production resources, and a lack of sufficient exhibition infrastructure.
Afreximbank announced the new film fund at last year’s CANEX Weekend in Algiers, Algeria. At the time, it said the fund would “support film production and distribution across Africa and empower African filmmakers to create globally appealing content.”
The investment route will also provide a route for formalising the industry, as most aspects of filmmaking on the continent remains largely informal. UN statistics show that only 44% of countries on the continent had an established film commission as of 2023, and 55% had a film policy. This made other crucial aspects of the industry, such as curbing piracy, difficult to implement.
