Afreximbank doubles funding to support creative and cultural industries in Africa
A new boost for African creative industries
The African Export-Import Bank (Afreximbank) has just announced a significant increase in its financial support for the creative and cultural industries in Africa. Over the next three years, the bank will double its funding for this sector, increasing its program from $1 billion to $2 billion. This announcement, made on October 18, 2024, underlines the institution’s commitment to promoting a sector that already represents a growing share of the continent’s economy.
Promising growth for African cultural industries
African creative industries generated more than $4 billion in 2022, according to UNCTAD. However, the potential of this sector remains largely untapped. Benedict Oramah, President of Afreximbank, said at the Creative Africa Nexus (CANEX) conference in Algiers that Africa is rich in creative opportunities, but they often lack the financing to grow. This capital increase aims to harness this potential by stimulating economic activity and creating sustainable jobs.
Objectives and funding priorities: a strengthened infrastructure
The aim of the doubling of funding is largely to address infrastructure gaps in the cultural sector. Afreximbank plans to invest in modern facilities such as film production studios, music arenas, sports venues, fashion production centres and stadiums. These facilities are expected to enable African creators to better meet the growing demand and to showcase the potential of African culture in domestic and international markets.
Conclusion: a lever for African economic growth
By doubling its funding for the creative and cultural industries, Afreximbank is demonstrating its desire to catalyse a sector that could become one of the drivers of economic growth in Africa. These new investments are not only a support for African creators and artists, but also a lever to diversify the continent’s economies, creating new job opportunities and promoting African cultural wealth on a global scale.
