Afreximbank secures $540m deals at CANEX WKND to enhance Africa’s creative industries

The African Export-Import Bank (Afreximbank) says it has facilitated deals worth $540 million during the 2024 Creative Africa Nexus Weekend (CANEX WKND) held in Algiers, Algeria.

Part of the agreements, according to Afreximbank, was a €245 million global facility for New World Television (NWTV) to support its acquisition of broadcasting rights for sports across 24 African countries.

The event, held from October 16 to 19, featured diverse activities, including performances, masterclasses, and panel discussions, and drew approximately 4,000 attendees from 81 countries, including participants from the African diaspora.

In a statement on Monday, Vincent Musumba, manager of communications and events for Afreximbank, said the initiative aligns with the bank’s ongoing mission to drive economic growth within Africa’s creative sector, which is particularly beneficial for women and young people.

The bank also extended a $3 million facility to Mediwood Studios to bolster Tunisia’s film industry as a creative production hub.

Nassim Amer, director of international cooperation, described CANEX as a valuable platform for African creators and innovators.

According to him, it will offer them exposure across the continent and advance the African Continental Free Trade Area’s (AfCFTA) goal of boosting intra-African trade.

“These deals reflect Afreximbank’s steadfast commitment to investing in Africa’s creative industries, key drivers of economic growth and employment on the continent, particularly for women and young people,” Afreximbank said.

“As this year’s edition closes, focus now shifts to the 4th edition of the Intra-African Trade Fair (IATF) to be held from Sept. 4 to Sept. 10, 2025, in Algiers.

“It is expected to attract some 35,000 participants from around the world, offering a new backdrop for the continued expansion and celebration of Africa’s creative industries.”

Kanayo Awani, executive vice president for Intra-African Trade and Export Development at Afreximbank, praised participants, noting their exceptional engagement and contributions.

“We commend the government of the People’s Democratic Republic of Algeria for their commitment to making CANEX WKND 2024 a success,” she said.

“Local participation has been exceptional, setting an exciting stage for IATF 2025 in Algiers.

“CANEX WKND’s mission has always been to highlight the vast market opportunities within Africa’s creative industry and to nurture their economic potential.”

Awani said Afreximbank is grateful for the partnerships and deals formed at the event and looks forward to continuing the work of exposing different creative prowess across Africa and the world.