Gondwe: $2bn Canex funding reflects strength of pipeline, market opportunities

Afreximbank's Senior Manager for the Intra-African Trade Initiative, Temwa Gondwe, recently discussed the significant increase in CANEX funding to $2 billion in a chat with CNBC Africa. Gondwe highlighted that this increase reflects the bank's strong pipeline and the abundant market opportunities present in Africa. He expressed optimism that within the next 3 to 5 years, African talents can be effectively monetized on the continent. The discussion shed light on the challenges faced by the creative and cultural industries in Africa and the strategies in place to bridge the gap between talent and market opportunities. Gondwe emphasized the disparities between the global creative and cultural industry, valued at $2 trillion, and Africa's minor share of this market. Despite the continent's achievements in fields like music, film, sports, and fashion, there exists a disconnect hindering the full realization of Africa's creative potential. The informal and small nature of many African businesses, coupled with limited access to financing, has impeded their ability to scale and tap into global markets. To address these challenges, Afreximbank launched the Carnex event, focusing on the business aspects of the creative industries. By creating a platform for creatives to explore market opportunities, the bank aims to support the growth and development of the sector. Gondwe highlighted the importance of investing in infrastructure, production facilities, and skills development to unlock the full potential of African talent. The doubling of CANEX funding from $1 billion to $2 billion signifies the vast market opportunities awaiting exploration within the creative and cultural industries. Gondwe stressed the need for creatives and governments across the continent to identify bankable projects that can leverage these resources effectively. With strategic investments and a focus on building a robust ecosystem for creative talent, Gondwe envisions a future where African creatives can monetize their talents on the continent. Looking ahead, Gondwe outlined the establishment of Carnex Creations Incorporated, an IP holding company that will make strategic investments in African creative brands. The goal is to shift the narrative from African talents seeking validation from international markets to building sustainable and profitable brands within the continent. Gondwe envisages a future where African artists no longer feel the need to look beyond the continent for success, but instead thrive within a vibrant and lucrative creative ecosystem. The interview also discussed the role of the Creative Africa Advisory Group in shaping the future of the industry. Comprising eminent personalities like the AU commissioner and Senator Ben Bruce Murray, this group provides essential guidance to Afreximbank in supporting African creatives. By creating a conducive environment for creatives to thrive and be intentional about their goals, the advisory group aims to drive innovation and growth within the continent's creative sector. In conclusion, the increase in CANEX funding represents a significant milestone in unlocking the potential of Africa's creative and cultural industries. With strategic investments, skill development, and a supportive ecosystem, African talents are poised to monetize their skills and create thriving creative enterprises on the continent.