The African Export-Import Bank (Afreximbank) on Thursday announced its plan to establish a US$1 billion African Film Fund to be launched in 2024 to support the continent’s film industry.
Kanayo Awani, Executive Vice President, Intra-African Trade Bank, said that the fund would oversee film financing, co-finance with large studios, finance African filmmakers and finance producers and directors of film projects across the continent.
“The Bank has increased the financing it was making available to the creative sector from US$500 million to US$1 billion and that the Bank currently had a pipeline of over US$600 million in film, music, visual arts, fashion, and sports deal,” she said at the ongoing Intra Africa Trade Forum in Cairo.”
The fund, from the Afreximbank, is expected to provide a significant boost to the Rwandan film industry, particularly in areas of development, production and distribution of Rwandan made films.
“The very first film we financed recently premiered at the Toronto Film Festival,” Mrs. Awani said, adding, “The Bank has several in the pipeline from Nigeria, South Africa, and Kenya, which should be on streaming platforms in 2024.”
Acknowledging that the film and audiovisual industries in Africa accounted for US$5 billion of the continent’s GDP and employed an estimated five million people, with the potential to create over 20 million jobs and generate US$20 billion in revenues annually, Mrs. Awani noted that the sector faced several challenges, including limited access to financing and copyright infringement due to weak copyright laws, enforcement mechanisms and a lack of awareness.
Rwanda’s film industry is still in its early stages of development, but it has grown significantly in recent years.
The government has recognized the potential of the film industry to contribute to economic growth and cultural identity, and has provided support through the Rwanda Film Office.
Despite its progress, the Rwandan film industry faces a number of challenges, including limited resources, lack of training, restrictive laws, and a small domestic market.
However, there are also a number of opportunities for the Rwandan film industry.
These include the growing demand for African content, and the country’s unique stories.
Albert Muchanga, Commissioner for Trade and Industry of the African Union Commission, said that the creative sector in Africa was rapidly growing and making a significant contribution to the inclusive growth and sustainable development of African economies.
“I reaffirm my belief that the African creative industry has huge potential to be a source of employment and revenue to create the Africa we want – revenue from intra-African trade as well as revenue from the rest of the world.”
Muchanga urged African nations to convert their vast potential into plans and projects that yield tangible results, stressing the need to also invest in protecting international property rights.
