$500m to support creative industry

Wednesday January 29 2020


A fund has been set up to support local production industry.  

The African Creative industry has received a evelopment boost of $500 million from the African Export-Import Bank (Afrexim‑bank).

“We have made available $500 million to support the production and trade of African culture and creative industry for the next two years,” Prof Benedict. O. Oramah, president of Afreximbank said.

The announcement was made at the 2020 Creative Africa Exchange(CAX) summit — an event which was held at Kigali’s Intare Conference Arena on January 17.

“That support is based on the recognition that the creative economy is a significant sector and a meaningful contributor to Africa’s gross domestic product,” Prof Oramah noted According to him, all artists can access the funds to develop their career.

In accessing the funding, in countries where Afreximbank does not have physical presence, an arrangement has been made local banks to receive applicatons and disburse the funds. “The bank’s branch offices also cover the countries in their various regions,” Mr Oramah said.

“For instance, the East Africa regional office is located in Kampala, Uganda, where East African artists can easily access the service,” he added