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Kigali, Rwanda 07 May
African Export-Import Bank (Afreximbank), through its development impact investment arm, the Fund for Export-Development in Africa (FEDA), has committed to spearhead the launch of the Africa Film Fund (‘the Fund’) as part of its Creative Africa Nexus Programme (CANEX).
This transformative undertaking of up to US$1 billion is designed to revolutionize Global Africa’s film and creative industry.
This move follows Afreximbank Group’s commitment at the CANEX Weekend (CANEX WKND 2024) in Algiers, Algeria, in October 2024, where the Bank announced plans to launch a private equity film fund through FEDA to support film production and distribution across Africa and empower African filmmakers to create globally appealing content.
The Fund will play a pivotal role in promoting the production and global distribution of high-quality films and TV series, further amplifying Global Africa’s cultural influence across the world.
In doing so, the Fund will be a catalyst to attract and direct crucial patient capital into Global Africa’s film and TV production industry, mobilising resources that would enable filmmakers and storytellers to produce world-class content that resonates globally.
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.
However, the film industry on the continent has long faced challenges, including limited access to production facilities and equipment, a shortage of advanced post-production resources, and a lack of sufficient exhibition infrastructure—highlighted by fewer than 2,000 cinema screens and limited access to digital platforms. Afreximbank’s interventions through FEDA seek to address some of these issues and more.
Professor Benedict Oramah, President of Afreximbank and Chairman of both the Boards of Directors of Afreximbank and FEDA commented: “Film is a cornerstone of the Creative Africa Nexus (CANEX) programme and the establishment of the Africa Film Fund is timely as it will help accelerate the growth of Africa’s creative sector, which has witnessed rapid growth but continues to face significant challenges including funding, scaling and accessing global markets”.
Prof. Oramah added, “Through investments in the film sector, alongside initiatives such as the CANEX Shorts Awards, Afreximbank is committed to celebrating and amplifying a diverse range of African voices and experiences, thereby catalysing the creative industry and unleashing the creative industry’s potential to drive economic growth across Africa”.
Marlene Ngoyi, CEO of FEDA, emphasized the Fund’s role in driving inclusive growth, stating that: “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.
At FEDA, we are committed to ensuring this initiative delivers tangible impact with long-term and sustainable benefits”.
Kanayo Awani, Executive Vice-President of Intra-African Trade and Export Development, Afreximbank, added: “This Fund will help unlock the full potential of Africa’s creative economy by giving African storytellers the platform, resources, and visibility they deserve.
It reflects our belief that culture is not just a soft power, but a strategic asset for economic growth, youth empowerment, and regional integration”.
Viola Davis, co-founder of JVL Media LLC and an EGOT (Emmy, Grammy, Oscar, Tony) winning actress welcomed the initiative: “African stories are deeply human and universally powerful.
This Fund is an invitation to the world to see Africa through the lens of its own creators — bold, unfiltered, and rich in truth. I am proud to be a part of this momentous step toward a more inclusive global film industry”.
Boris Kodjoe, award winning actor and Managing Partner of FC Media Group, stated: “It has been a long-term dream of mine to be able to tell stories on a global scale. I am grateful and excited to partner with our friends at Afreximbank and FEDA in order to support quality content development and creation in Africa and beyond”.
About FEDA:
The Fund for Export Development in Africa (“FEDA”) is the impact investment subsidiary of Afreximbank (www.afreximbank.com), set up to provide equity, quasi-equity, and debt capital to finance the multi-billion-dollar funding gap (particularly in equity) needed to transform the Trade sector in Africa.
FEDA pursues a multi-sector investment strategy along the intra-African trade, value-added export development, and manufacturing value chain which includes financial services, technology, consumer and retail goods, manufacturing, transport & logistics, agribusiness, as well as ancillary trade enabling infrastructure such as industrial parks.
To date, FEDA has invested more than US$590 million in companies and projects across its various fund initiatives, in sectors such as manufacturing, agro-processing, financial services, healthcare and pharmaceuticals, amongst others.
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