IFC, Proparco, and Helios Partner to Boost Sports and Entertainment Sectors in Africa

The global sports market, valued at $480.12 billion in 2023, is projected to reach $629.81 billion by 2028, driven largely by emerging markets.

The International Finance Corporation (IFC), a member of the World Bank Group, has announced a strategic partnership with the French development finance institution Proparco, a subsidiary of the Agence Française de Développement Group (AFD Group), and Helios Sports and Entertainment Group. This collaboration aims to drive the expansion of the sports and entertainment industries in Africa, focusing on joint investment opportunities that can stimulate economic growth, create jobs, and enhance sectors such as tourism, real estate, and media.

Makhtar Diop, Managing Director of IFC, highlighted the significance of this partnership: “The African sports and entertainment sectors present promising avenues for accelerating growth and innovation. Africa is a key market for IFC's creative industries strategy, encompassing various verticals including e-commerce, arts, fashion, audiovisual content, and now sports and entertainment. Partnering with Proparco and Helios will unlock scalable opportunities to transform Africa's creative economy, foster local talent, and drive sustainable development.”

The global sports market, valued at $480.12 billion in 2023, is projected to reach $629.81 billion by 2028, driven largely by emerging markets. Despite this, sports contribute only 0.5% to Africa's GDP, compared to 2% in other regions. The sector faces challenges such as inadequate financing, limited expertise, and significant infrastructure gaps. Similarly, Africa’s entertainment industry, projected to grow substantially, also suffers from underinvestment and operational barriers.

Françoise Lombard, Chief Executive Officer of Proparco, emphasized the importance of this initiative: “The AFD Group has been committed to supporting cultural and creative industries in Africa, which are crucial for social cohesion and inclusive development. By partnering with Helios, Proparco is reinforcing its dedication to these industries and celebrating Africa’s creativity.”

With a young and rapidly urbanizing population, the audiovisual entertainment sector has the potential to create over 20 million jobs and contribute $20 billion to Africa’s GDP, according to UNESCO. Addressing current barriers is essential for unlocking this potential and fostering a thriving creative sector.

Tope Lawani, Co-Founder and Managing Partner of Helios Investment Partners LLP, expressed enthusiasm for the partnership: “Helios has long been dedicated to leveraging investment opportunities in Africa for both competitive returns and socio-economic impact. Our new venture, Helios Sports and Entertainment Group, reflects our commitment to Africa and its people, aiming to develop and expand the sports and entertainment ecosystem across the continent.”

Over the past 18 months, IFC has invested more than $830 million in creative industries across emerging markets, including supporting ANKA, an Ivorian e-commerce platform for African creators. Proparco, for its part, has committed over $200 million towards sports infrastructure and social events in Africa and has designed innovative instruments like the Creafund guarantee programme to support start-ups and young businesses in the creative sector.

This partnership represents a significant step towards building a robust sports and entertainment industry in Africa, with potential benefits extending across various sectors and contributing to the continent’s overall economic development.