Afreximbank will increase its funding to the Creative Africa Nexus (CANEX) programme from $1 billion to $2 billion for the next three years, the Bank’s president, Professor Benedict Oramah said.
Oramah, who is also Chairman of Afreximbank’s Board of Directors, made the announcement during the CANEX WKND 2024 opening ceremony in Algiers, Algeria, and underscored the Bank’s dedication to Africa’s growing creative economy.
“The decision to double CANEX funding arises from a marked surge in demand across Africa’s creative sectors. Since 2022, Afreximbank has seen a significant increase in opportunities within industries from film production and music to fashion manufacturing and sports.
“With the newly increased $2 billion fund, Afreximbank aims to fulfil these verticals’ growing needs by providing infrastructure, financing, and other resources that will help Africa’s creative industries flourish on a global scale,” he explained.
Oramah observed that this expansion marks a historic progression in the Bank’s strategy to support the creative economy – from its initial commitment of $500 million to the sector when CANEX launched in 2020.
That figure, he noted, increased to $1 billion in 2022 to satisfy demand, adding that this upward trend reflects Afreximbank’s profound belief in the power of African creativity to drive economic growth and generate employment.
The new funding will primarily focus on infrastructure development, which remains a key challenge in the continent’s creative sectors, Oramah emphasized.
According to the Professor, Afreximbank plans to invest in film production facilities, music arenas, sports stadiums, and fashion manufacturing hubs across the continent.
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