The African Export-Import Bank (Afreximbank) has disclosed plans to establish a $1-billion African Film Fund, intended to bolster the film industry on the continent. This announcement was made by Kanayo Awani, Executive Vice President of the Intra-African Trade Bank at Afreximbank, during the 2023 CANEX Summit in Cairo.
According to Africa News Agency, the fund, set to launch in 2024, will focus on various aspects of film production and financing. It is expected to support African filmmakers, co-finance projects with major studios, and assist producers and directors across the continent. Afreximbank has already demonstrated commitment to the creative sector, increasing its funding from US$500 million to US$1 billion, and currently managing over US$600 million in deals spanning film, music, visual arts, fashion, and sports.