African Export-Import Bank (Afreximbank) aims at creating a more dynamic framework and offers financial support for cultural and creative works across Africa. The bank has, therefore, announced the reconstitution of the Creative Africa Advisory Group (CAAG). This group oversees and provides guidance for implementing the Bank's Creative Africa Nexus Programme.
The first meeting of the reconstituted Advisory Group took place at the Waldorf Astoria, Heliopolis, in Cairo on 9 July 2024. It was co-chaired by Amb. Minata Samate Cessouma, Commissioner for Health, Humanitarian Affairs and Social Development of the African Union Commission, and Senator Ben Murray-Bruce, Founder of Silverbird Group, Nigeria.
The CAAG is tasked with guiding Afreximbank's strategy to support the growth of creative and cultural industries in Africa and its diaspora. Each member will serve a two-year term.
During the meeting, the CAAG was updated on the overall implementation of the CANEX Programme and particularly on the preparations for the upcoming CANEX Weekend in Algeria. Members were also briefed on the status of the CANEX Africa Digital Platform and the establishment of CANEX Creations Incorporated, the Bank's intellectual property investment vehicle.
The recommendations includes shared by CAAG members was to establish a finance subcommittee to ensure optimal disbursement of the Bank's financing facilities and funding, and continued outreach on our financial products to creatives.
Amb. Minata Cessouma-Samate commented: "The Bank has been instrumental in helping the AU's Culture and Sports Programme deliver initiatives aligned with our long-term development objective - The Africa We Want Agenda 2063, and the Revised AU Plan of Action on Cultural and Creative Industries, 2023. We look forward to continued collaboration with the Creative Africa Advisory Group and galvanizing opportunities between the Bank and the Commission leading to conducive policies and regulatory environment for Africa's creative and cultural economies."
Senator Ben Murray-Bruce emphasized the crucial role of the Bank in supporting creative ventures through innovation. He stated: "Some of the biggest artists in the world today are Africans and we must be innovative so that channeling money to the continent ceases being an enigma."
Dr. Gainmore Zanamwe, Acting Director, Trade Facilitation & IATF - Intra-African Trade Bank, spoke on behalf of Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development. He expressed the Bank's deep appreciation for the contributions of the members of the first cohort of the CAAG.
"Reconstituting the Creative Africa Advisory Group marks a significant milestone in our journey to elevate Africa's creative and cultural industries to new heights. The contributions of the first CAAG cohort have been invaluable in bringing us to this point. As we move forward, I am confident that the reconstituted CAAG will build on their legacy, driving innovation, fostering investment, intra-African trade and export development, and enhancing cultural expression across the continent. Together, we will continue to support and empower Africa's creative talents, in the context of a Global Africa, ensuring their rightful place on the global stage," underscored Zanamwe.
About Creative Africa Nexus: Recognising the relevance and opportunities provided by the creative economy as a key driver for development and job creation, Afreximbank established the Creative Africa Nexus programme (CANEX) to support the development of Africa's creative and cultural industries and address some of the challenges faced by that economy, through the provision of access to finance, capacity building, trade, investment and export promotion, access to new market opportunities, digital solutions and policy advocacy in order to fast-track the scaling of Africa's creative sectors within the global economy.
