AfDB launches $1bn private equity film fund for continent’s creative industry

A US$1 billion Africa Film Fund has been established by the Fund for Export-Development in Africa (FEDA), the development impact investment arm of the African Export-Import Bank (Afreximbank), with the goal of revolutionizing the continent’s creative sector.

The goal of this groundbreaking project, which might cost up to $1 billion USD, is to improve the film and creative industries in Africa and to support the creation and international release of top-notch motion pictures and television shows.

Additionally, the financing will increase Global Africa’s global cultural influence. By doing this, the Fund will operate as a catalyst to draw in and channel vital patient capital into the film and television production sector in Global Africa, mobilizing resources that will allow filmmakers and storytellers to create top-notch content that appeals to a worldwide audience.

Afreximbank’s US$1 billion Africa Film Fund has the potential to drastically alter Africa’s creative sector and wider markets in several impactful ways.

READ ALSO: AfDB President, Adesina, advocates bold reforms to grow Nigeria’s economy

As production firms and filmmakers struggle to get money, the initiative can help close the funding gap and give industry participants access to funds, allowing for high-quality local creativity.

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.”

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.”

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now