On October 18, 2024, Afreximbank announced a significant boost to Africa’s growing creative economy, doubling its funding commitment to the Creative Africa Nexus (CANEX) programme from $1 billion to $2 billion over the next three years. The announcement was made by the President and Chairman of the Board of Directors, Professor Benedict Oramah, at the CANEX WKND 2024 event in Algiers, Algeria.
This new funding commitment highlights the bank’s ongoing dedication to fostering the growth of Africa’s creative sectors, including film, music, fashion, and sports.
Afreximbank’s $2 billion expansion of the Creative Africa Nexus (CANEX) fund has created both excitement and skepticism across Africa. While the promise of increased funding brings hope to many, African filmmakers are questioning whether they will actually benefit.
The CANEX fund, which started with $500 million in 2020, grew to $1 billion in 2022, and now stands at $2 billion, is set to support the creative industries over the next three years. But doubts persist about who will truly have access to this funding.
For many filmmakers, the issue is not the amount of money available but the process of accessing it. They feel the system favors large, established companies, leaving smaller, independent creators in the dark. There is a disconnect between the operational framework of Afreximbank and the realities faced by grassroots filmmakers. These creatives are left wondering if the funding is really meant for them or just a select few.
After the announcement, questions about who qualifies for funding quickly followed. Filmmakers are asking how the funds will be distributed and if the process will be transparent. Many feel that without clear guidelines, these announcements only create false hope. For some, it feels like a familiar pattern—grand promises followed by little action for smaller players in the industry.
The impact of past funding rounds has left many questioning if the new CANEX pledge will be different. Without significant changes to the funding process, the fear is that this money will once again bypass the smaller creators who need it most. Filmmakers continue to ask if this $2 billion pledge will truly help those struggling on the ground or simply benefit the larger, more established players in the industry.
To address these concerns, experts are calling for more inclusive funding models. They suggest collaboration between local governments, investors, and international organizations to create systems that allow more creators to access funds. By doing this, the creative sector could be empowered from the ground up, ensuring that the benefits of the CANEX program reach all levels of the industry.
Despite these concerns, many filmmakers and creatives remain cautiously optimistic. They hope Afreximbank will follow through on its promises and develop a more transparent, accessible system for funding. If implemented well, the CANEX program could indeed be a game-changer for Africa’s creative industries. For now, the industry watches closely, waiting for clearer steps that will turn this $2 billion pledge into real opportunities for all African creatives.
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