Algeria: Afreximbank to double CANEX WKND funding

Afreximbank chairman professor Benedict Oramah has announced that the bank will double its funding for the Creative Africa Nexus (CANEX) programme from $1 billion to $2 billion over the next three years.

The move, he said, underscores Afreximbank’s deep commitment to supporting Africa’s burgeoning creative economy. The decision comes in response to a substantial surge in demand across the continent’s creative sectors, spanning industries such music, film, fashion, and sports.

Since 2022, Afreximbank has identified growing opportunities within these fields, prompting the bank to expand its financial support. The $2 billion fund will be directed toward infrastructure development, financing, and other resources essential for the global success of Africa’s creative industries.

“This expansion represents a historic milestone in Afreximbank’s strategy to support the creative economy,” Oramah said. “Since CANEX’s launch in 2020, we have increased our commitment to the sector, first with $500 million and then $1 billion in 2022. Today’s decision to further double the funding reflects our belief in the power of African creativity to drive economic growth and generate employment.”

The new funding will prioritise addressing one of the key challenges in Africa’s creative industries: infrastructure. Afreximbank plans to invest in the development of music arenas, film production studios, sports stadiums, and fashion manufacturing hubs across the continent. These projects aim to equip African creatives with the tools and facilities needed to produce world-class content and products, helping them compete on the global stage.

In addition to infrastructure, the fund will also focus on talent development. According to Oramah, Afreximbank is committed to nurturing African creative professionals, providing them with the training and resources to meet international standards.

“Africa’s creative industries hold immense untapped potential,” he said. “This new fund will enable us to invest in infrastructure for film production, arenas for music and sports, and manufacturing facilities for fashion, while also supporting the training of talent.”

Another innovative component of the expanded funding is a $500 million private equity film fund, being developed through Afreximbank’s impact equity arm.