Afreximbank to launch $1 billion African Film Fund in 2024
What you need to know:
- Film and audiovisual industries in Africa account for $5 billion of the continent's GDP and employ an estimated five million people, with the potential to create over 20 million jobs and generate $20 billion in revenues annually.
The African Export-Import Bank (Afreximbank) is working on the establishment of a $1-billion African Film Fund to be launched in 2024 to support the continent's film industry.
The fund will oversee film financing, co-finance with large studios, finance African filmmakers and finance producers and directors of film projects across the continent.
Afreximbank has increased the financing it is making available to the creative sector from US$500 million to US$1 billion and currently has a pipeline of over US$600 million in film, music, visual arts, fashion, and sports deals.
The film and audiovisual industries in Africa account for US$5 billion of the continent's GDP and employ an estimated five million people, with the potential to create over 20 million jobs and generate $20 billion in revenues annually.
However, the sector faces several challenges, including limited access to financing and copyright infringement due to weak copyright laws, enforcement mechanisms and a lack of awareness.
The sector is also confronted with infrastructure and technology gaps, lack of capacity and shortage of skilled professionals and limited market access and international exposure, as a result of which African creative and cultural products often struggle to gain exposure and access to international markets.
The African Film Fund will help to address these challenges by providing much-needed financing and support to African filmmakers and producers. It will also help to promote African films and culture on a global scale.
The fund is a welcome development for the African film industry and is expected to have a significant impact on its growth and development.
