Afreximbank raises Canex funding to $2bn

Afreximbank, the African Export-Import Bank, has announced a significant increase in its funding to the Creative Africa Nexus programme from $1 billion to $2 billion for the next three years in a bid to support Africa's booming creative industry. The announcement was made by Kanayo Awani, the Executive Vice President of the Intra-African Trade Bank, during an exclusive chat with CNBC Africa at this year's CANEX Weekend in Algeria. Awani emphasized that the platform presents a unique opportunity to mobilize capital, facilitate syndicated transactions, promote investments, and foster joint ventures within the creative sector. The funding boost comes after the success of the previous funding rounds. Initially starting with $500 million in 2020, the program quickly saw increased utilization, primarily in the film and sports sectors. By 2022, the funding had doubled to $1 billion, reflecting the growing demand for financial support in the creative industries. Awani highlighted the scarcity of financial institutions supporting this sector, making Afreximbank's commitment even more crucial in driving growth and innovation. Awani also discussed the bank's efforts in syndicating transactions, revealing that partnerships and transactions worth approximately $600 million have been in the pipeline. These collaborations aim to further enhance the creative ecosystem and open up new avenues for creative professionals to showcase their talents on a global scale. Regarding the future trajectory of the Creative Africa Nexus programme, Awani outlined the establishment of an advisory group that will focus on different verticals within the creative industry. The group comprises diverse stakeholders, including practitioners, entrepreneurs, policymakers, and financial institutions, all working towards maximizing the impact of Africa's creative economy globally. Afeximbank's commitment to the creative sector aligns with its broader Global Africa Initiative, which aims to support Africans both on the continent and in the diaspora. By facilitating international collaborations, market access, and capacity building initiatives, the bank endeavors to enhance the competitiveness of African creatives in the global arena. In a bid to demonstrate its support for the fashion industry, Afreximbank has been actively promoting partnerships with international showcases in countries like Portugal, France, Japan, and the United States. These collaborations provide African designers with invaluable exposure and skills development opportunities, essential for their growth and success in the highly competitive fashion landscape. The recent CANEX Weekend served as a pivotal platform to spotlight Africa's creative industry and lay the groundwork for the upcoming H-Africa exhibit, a larger multi-sectoral event scheduled for next year. By attracting over 3,000 participants this year, the event garnered significant attention and feedback, paving the way for an anticipated 5,000 attendees in the future editions. As Awani reflected on the lessons learned during the CANEX Weekend, he emphasized the importance of experience and operational efficiency in hosting such events. These insights will be instrumental in refining logistics, visa procedures, and overall event management for future engagements, culminating in the highly anticipated IATF events slated for September 2025. In conclusion, Afreximbank's increased funding commitment to the Creative Africa Nexus programme underscores its unwavering support for Africa's vibrant creative industry. By leveraging strategic partnerships, financial support, and international collaborations, the bank aims to empower African creatives and position the continent at the forefront of the global creative economy.