His Excellency Abdelmadjid Tebboune, President of the People’s Democratic Republic of Algeria, receives Professor Benedict Oramah, President of African Export-Import Bank (Afreximbank) during a courtesy call ahead of CANEX WKND 2024
Algiers, 16 October 2024 – The Creative Africa Nexus Weekend (CANEX WKND) 2024, a flagship initiative by African Export-Import Bank (Afreximbank) kicked off today, Wednesday 16 October 2024, marking a pivotal and significant moment for the cultural and creative industries in Global Africa.
Ahead of the official opening, the President and Chairman of Board of Directors at Afreximbank, Professor Benedict Oramah, met with the President of the People’s Democratic Republic of Algeria, His Excellency Abdelmadjid Tebboune to brief him of the event, its objectives and its significance in Algiers, Algeria.
Afreximbank’s CANEX WKND 2024, happening between 16th to 19th October, promises to rank among Africa’s most significant cultural and economic gatherings of 2024, with the potential to further advance and expand Africa’s unrivalled creative and cultural industries, with the aim of implementing pan-African measures that support the continent’s cultural sectors. Leading figures from the worlds of visual art, music, cinema, film, fashion, and gastronomy are gathering in Algeria for the four-day event, organised around the theme “One People, United in Culture, creating for the world”.
Commenting on the event, Executive Vice President, Intra Africa Trade and Export Development, Afreximbank Mrs. Kanayo Awani stated:
“It is with great honour and privilege that I join our host the Algerian government to welcome you to the CANEX WKND 2024, a global platform for celebrating African creativity, its young and dynamic talents, innovation and drive.”
She continued, “At Afreximbank, we see enormous opportunities for the creative industries growth because, globally, the creative industry is fast becoming a potent economic force across most economies and it is our firm belief that the CANEX initiative represents a powerful medium to realise Aspiration Five of Africa’s Agenda 2063.”
While highlighting Afreximbank’s role in supporting and strengthening Africa’s creative industries, Mrs. Kanayo Awani announced that the Bank has increased the funding allocated to the creative industry to USD $1 billion from the USD $500 million US dollars announced in 2022. This decision, she said, reflects the growing demand for financing in the industry. Currently, the Bank has a robust pipeline of creative deals of over 600 million US dollars in investments spanning film, music, visual arts, fashion, and sports.
“Afreximbank has been busy supporting various activities in the creative industry. In 2023, Afreximbank financed its first feature film, which premiered at the prestigious Toronto Film Festival. In sports, Afreximbank financed the construction of the Houphouet Biogny Sports Stadium in Abidjan, Côte d’Ivoire, which hosted some of the most memorable moments of the African Cup of Nations earlier this year. And in music, Afreximbank launched the CANEX Music Factory, which has facilitated the production of 32 original songs, with a 12-track album set to be released on major platforms such as iTunes and Spotify this November.”
For more information on CANEX WKND 2024:
Media Contact:
Mr Vincent Musumba
Manager, Communications and Events (Media Relations)
Email: press@afreximbank.com
About Afreximbank
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA. At the end of December 2023, Afreximbank’s total assets and guarantees stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion. The Bank disbursed more than US$104 billion between 2016 and 2023. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”). The Bank is headquartered in Cairo, Egypt.
