CANEX WKND 2024 launches in Algeria

The event, which will run until 19 October, is one of Africa’s significant cultural and economic gatherings of the year, aimed at expanding and strengthening Africa’s creative sector. The ceremony featured electrifying performances from Djamel Laroussi (Algeria), Ofense Pitse and the Orchestra (South Africa), Sofiya Nzau (Kenya), Qabaniso Malewezi (Malawi), Xenson (Uganda), Ghetto Kids (Uganda), Yasmine Haouat (Algeria) and Samira Bramia (Algeria).

This year’s event brings together leading figures from various industries, including music, visual arts, cinema, fashion, and gastronomy, under the theme One People, United in Culture, Creating for the World. It highlights the potential of Africa’s cultural sectors to foster economic growth and contribute to pan-African unity.

“It is a great honour to join our hosts, the Algerian government, in welcoming everyone to CANEX WKND 2024, a global platform that celebrates Africa’s creativity, young talents, and innovation,” Afreximbank’s executive vice president for Intra-African Trade and Export Development Kanayo Awani said. “At Afreximbank, we see tremendous potential for the growth of the creative industries. Globally, this sector is becoming a powerful economic force, and we firmly believe that the CANEX initiative is key to realising Aspiration Five of Africa’s Agenda 2063.”

Afreximbank’s commitment to Africa’s creative industries was underscored by the bank’s decision to double its funding allocation to the sector, raising it to $1 billion from the $500 million announced in 2022. Awani attributed the increase to the growing demand for financing across various creative sectors, with the bank currently managing a pipeline of over $600 million in creative deals, spanning music, film, visual arts, fashion and sports.

Awani also highlighted several key projects supported by Afreximbank in recent years: “In 2023, Afreximbank financed its first feature film, which premiered at the prestigious Toronto Film Festival. In sports, we financed the construction of the Houphouët Boigny Sports Stadium in Abidjan, Côte d’Ivoire, which hosted iconic moments during this year’s African Cup of Nations. In music, the CANEX Music Factory has produced 32 original songs, with a 12-track album set for release on major platforms like iTunes and Spotify this November.”

CANEX WKND 2024 is expected to generate new opportunities and partnerships that are expected to continue driving the growth of Africa’s creative industries, ensuring they remain a vital contributor to the continent’s economic development.

Ahead of the event’s opening, Afreximbank’s president and chairman of the board, Professor Benedict Oramah, paid a courtesy call to Algerian president Abdelmadjid Tebboune where the two leaders discussed the objectives of CANEX WKND 2024 and its importance for both Algeria and Africa’s broader cultural landscape.