Africa’s creative industries get major boost with new Afreximbank initiative

Africa’s creative industries have received a major lift with the launch of the “2024 CANEX Deal Room”, a new initiative aimed at propelling growth, innovation, and global recognition for creative and cultural sectors across the continent and diaspora.

Spearheaded by the African Export-Import Bank (Afreximbank), the initiative aims to bridge the gap between creatives and financiers, fostering a dynamic ecosystem for entrepreneurs in the sector.

Through the CANEX Deal Room, Afreximbank and its partner financial institutions will offer debt and equity financing for bankable projects in various segments, including film and television, music, franchising, fashion, and creative industry infrastructure.

Only Africa-based enterprises with at least 25% African ownership, 3+ years of operating history, and a workforce that’s predominantly African talent will be eligible to tap into this new initiative.

Over the years, Afreximbank has committed $1 billion to support Africa’s creative and cultural industries, launching specialised financing products and initiatives to bridge gaps in creative production value chains.

An official statement released on Wednesday announced that registration for this new opportunity is now open and free.

“We encourage those interested to visit https://wknd.canex.africa/ for more information and to submit proposals.”

“Proposals must be submitted by October 1, 2024, to be considered. Late submissions will not be accepted.” the statement read in part.

This announcement comes ahead of CANEX WKND 2024, Africa’s largest gathering of creative industry professionals, taking place in Algiers, Algeria from 16-19 October 2024.

The event will build on the success of previous editions, including CANEX at IATF2023 in Cairo, which brought together delegates from across the continent representing various creative sectors.

Nigerian presence

Past editions of CANEX WKND have featured notable African creative luminaries, including renowned music stars like Yemi Alade and literary giants like Chimamanda Adichie from Nigeria.

Their participation has not only elevated the event’s profile but has also inspired countless young creatives across the continent.

This year’s event, under the theme “One People, United in Culture, Creating for the World,” is expected to build on the success of previous editions, with a focus on fostering collaboration and innovation within Africa’s creative industries.

CANEX WKND 2024 is hosted by Afreximbank, in partnership with the African Union Commission, the African Continental Free Trade Area Secretariat, and the Government of Algeria