Through its development investment arm, the Fund for Export-Development in Africa (FEDA), Afreximbank has announced the establishment of the Africa Film Fund.
It is stated that the fund could reach a value of up to 1 billion dollars. Thanks to this substantial amount, the film industry in Africa could undergo a profound transformation.
At the CANEX Weekend (CANEX WKND 2024) event held in Algiers, Algeria in October 2024, Afreximbank Group had pledged to establish a private equity film fund. The current initiative is a continuation of that commitment.
African Films Are Set to Become a Global Brand
The fund will support film production and distribution across the continent. It will enable the creation and branding of series and films that can become global franchises.
In this way, Africa’s global recognition is expected to increase further.
According to the UNESCO Institute for Statistics, Africa’s film and audiovisual industry generates approximately 5 billion US dollars in annual revenue and provides employment to more than 5 million people across the continent.
However, the industry continues to face several challenges, including limited production facilities, lack of equipment, inadequate advanced editing and post-production infrastructure, and a low number of cinema screens. The fund aims to address many of these deficiencies.
“African Storytellers Will Get the Recognition They Deserve”
FEDA CEO Marlene Ngoyi emphasized that the fund would serve inclusive growth and said:
“The Africa Film Fund is not merely about financing films – it is a step towards building a vibrant ecosystem that empowers Global Africa’s creative talent, fosters cultural exchange, and drives 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 at Afreximbank, also commented:
“This fund will unlock the full potential of Africa’s creative economy by giving African storytellers the platform, resources, and visibility they deserve. It demonstrates that culture is not just a soft power but also a strategic asset for economic growth, youth empowerment, and regional integration.”