(Ecofin Agency) - Creative and cultural industries have the potential to be a key driver of economic growth in Africa. According to UNCTAD, this sector generated $4 billion on the continent in 2022, showcasing its significant impact. The opportunities for further development in this area are immense.

The African Export-Import Bank (Afreximbank) announced on October 18 that it will double funding for its support program for African creative and cultural industries from $1 billion to $2 billion over the next three years.

"As with many things in Africa, opportunities in the African creative industries abound but remain untapped. This is why Afreximbank has adopted a proactive approach to catalyzing the industry. Today, I am pleased to announce a further doubling of our creative industry finance window to 2 billion US dollars for the next three years," the bank’s president Benedict Oramah (pictured) said. He made the comments in Algiers during a conference dedicated to the support program called "Creative Africa Nexus" (CANEX). The event attracted a wide range of industry stakeholders from Africa.

? Relive moments from @CanexAfrica CANEX WKND in Algiers, it’s been an unforgettable celebration of Africa’s creativity.

And in the words of Afreximbank’s President, H.E. Prof. Benedict Oramah - “As with many things in Africa, opportunities in the African creative industries… pic.twitter.com/WPe0vft4PL

— African Export-Import Bank - Afreximbank (@afreximbank) October 19, 2024

Afreximbank made it clear that the decision to double the funding for the CANEX program, which started in 2021 with initial resources of $500 million, is driven by a significant increase in demand within the creative sectors. The bank believes in the power of African creativity to drive economic growth and create jobs.

The additional funds will mainly focus on developing infrastructure, which remains a major challenge in the continent's creative and cultural industries. Afreximbank plans to invest in film production facilities, music arenas, sports stadiums, and fashion manufacturing hubs

Part of the extra resources will also support talent development, foster collaborations between African creators and their international counterparts, and develop tailored innovative financing solutions. The bank intends to launch a $500 million investment fund specifically for the film industry through the African Export Development Fund (FEDA), its impact investment branch.