CANEX WKND 2024 Launches in Algiers with Afreximbank's Investment to Boost Africa’s Creative Industries

To meet the increasing demand for financing in the creative sector, Afreximbank announced it has doubled its funding allocation to $1 billion, up from the $500 million committed in 2022.

The Creative Africa Nexus Weekend (CANEX WKND) 2024, a flagship initiative by the African Export-Import Bank (Afreximbank), began on Wednesday, 16 October 2024 in Algiers, Algeria. This event marks a significant milestone for Africa's cultural and creative sectors, showcasing the continent's growing influence on the global stage.

Ahead of the official opening, Afreximbank President and Chairman of the Board of Directors, Professor Benedict Oramah, met with Algerian President Abdelmadjid Tebboune to discuss the event’s objectives and its importance to the region.

The four-day event, running from 16th to 19th October, brings together major figures from various creative fields such as visual arts, music, film, fashion, and gastronomy under the theme "One People, United in Culture, Creating for the World." The event, considered one of the most influential gatherings in Global Africa's creative economy, aims to promote pan-African initiatives and foster collaboration in the continent's cultural industries.

Mrs. Kanayo Awani, Executive Vice President of Intra-Africa Trade and Export Development at Afreximbank, emphasized the transformative power of CANEX WKND, aligning it with Aspiration Five of Africa's Agenda 2063, which envisions a strong African cultural identity. Awani expressed pride in Afreximbank's commitment to nurturing creative talent, noting that the global creative economy is rapidly becoming an essential economic force.

To meet the increasing demand for financing in the creative sector, Afreximbank announced it has doubled its funding allocation to $1 billion, up from the $500 million committed in 2022. This increase reflects the growing number of projects seeking financial backing. Currently, Afreximbank is supporting a $600 million pipeline of creative ventures spanning film, music, fashion, visual arts, and sports.

Awani highlighted some of Afreximbank’s recent contributions to the creative economy, including its financing of a feature film that premiered at the Toronto Film Festival in 2023, the construction of the Houphouet Boigny Sports Stadium in Côte d'Ivoire for the African Cup of Nations, and the launch of the CANEX Music Factory. The latter has led to the production of 32 original songs, with a 12-track album set for release on platforms such as iTunes and Spotify in November.

CANEX WKND 2024 is expected to solidify Africa’s position as a leading force in global creative industries while fostering economic growth through culture-driven innovation and collaboration.