AFREXIMBANK - African Export-Import Bank
AFREXIMBANK - African Export-Import Bank
10/28/2024 | Press release | Distributed by Public on 10/28/2024 01:23
CANEX WKND 2024 concludes in Algiers with over US $540 million in deals committed
Left-Right: Mr. Temwa Gondwe, Senior Manager, Intra African Trade Bank, Afreximbank, Mr. Ismail Inezarene, Director of Cultural and Artistic Promotion, Algeria, Mrs Kanayo Awani, Executive Vice President Intra African Trade and Export Development, Afreximbank, Mr. Nassim Mohan Amer, Director of International Cooperation, Algeria and Mrs. Anne Ezeh, Director Communications and Events, Afreximbank
Algiers, 28 October 2024 - The second edition of the Creative Africa Nexus Weekend (CANEX WKND 2024) has drawn to a close in Algiers, Algeria. The vibrant, four-day event convened 108 Exhibitors, 11 Masterclasses and close to 4,000 attendees from across 81 countries in Africa, the Caribbean and the diaspora - featuring creatives, industry leaders, and policymakers.
Participants enjoyed a rich and varied programme of activities, which included live performances, masterclasses, panel discussions, and showcases across sectors such as fashion, music, sports, film, visual arts, and gastronomy. As this year's edition closes, focus now shifts to the 4th edition of the Intra-African Trade Fair (IATF) to be held from 4-10 September 2025, in Algiers and 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.
In her closing statement, Executive Vice President for Intra-African Trade and Export Development, Afreximbank, Mrs Kanayo Awani, said:
"We commend the Government of the People's Democratic Republic of Algeria for their commitment to making CANEX WKND 2024 a success. 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. We are grateful for the partnerships and deals formed here, and we look forward to continuing this work of exposing our different creative prowess across Africa and the world."
Among CANEX WKND 2024's most significant outcomes were deals totalling USD $540 million that were facilitated and agreed. Key among these was a EUR 245 million global facility agreement with New World Television (NWTV) to part-finance the network's acquisition of media licensing rights for sports broadcasting across 24 African countries. In addition, Afreximbank announced $3 million facility with Mediwood Studios, designed to support the company's efforts to expand the Tunisian film industry, further positioning the country as a hub for creative production.
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.
Reflecting on the outcomes of the event during the event wrap up press conference, Mr. Nassim Mohan Amer, Director of International Cooperation, Algeria, noted that CANEX presented a wonderful opportunity for African creators and innovators as it exposes them to the continent beyond their national borders and further accelerates the vision for AfCFTA' s intra African trade agenda. He continued that Algeria, having hosted the CANEX WKND 2024 will have learnt a lot as it prepares to host the 4th edition of the IATF 2025, expecting to eclipse expectations and enhance Algeria - Africa trade.
Mr. Ismail Inezarene, Director of Cultural and Artistic Promotion, Algeria, also commended Afreximbank's partnership with Algeria terming it as a collaboration 'suited to the needs of the future of Africa - the youth'. Whilst highlighting a remarkable 81 countries that were represented at the event, Mr. Inezarene reassured IATF 2025 attendees and the Algerian public of a more concise collaboration and a seamless participation.
Throughout this year's CANEX WKND, participants engaged in wide-ranging discussions and collaborations on pivotal topics - from intellectual property rights and market access to the need for policy and regulatory reforms that accelerate the growth of Africa's creative sectors. The event also provided a platform for capacity building through technical programmes and networking opportunities, enabling African creatives to access new global markets and leverage new partnerships.
For the first time, CANEX Weekend also featured a Ministerial Roundtable, where Ministers from Africa and the Caribbean supported by African Union Commission, African Continental Free Trade Area (AfCFTA) Secretariat addressed the opportunities and challenges facing Global Africa's cultural and creative industries (CCIs). Keynotes by the Africa Union Commission's Amb. Minata Samate Cessouma, and H.E. Wamkele Mene, the Secretary General of the AfCFTA Secretariat, as well as Afreximbank's Mrs. Kanayo Awani and other leaders underscored the economic and cultural value of CCIs, particularly for African and Caribbean youth. The roundtable advanced CANEX strategies to mobilize financing, enhance CCI growth, and foster policy-stakeholder collaboration for implementing the AU Plan of Action on CCIs.
CANEX WKND 2024 also showcased key initiatives, including the CANEX Prize for Publishing in Africa, awarded to Cassava Republic Press for Female Fear Factory by Pumla Dineo Gqola. Praised for its impactful cover, elegant layout, and feminist insights, the book powerfully examines patriarchal violence and offers a hopeful feminist perspective.
CANEX Shorts, a film competition for young African and Diaspora filmmakers, honoured three winners: Francis Y. Brown from Ghana for Room - 5, Brian Obra from Kenya for We Shall Not Forget, and Thomas Mpoeleng from Botswana for Silent Screams. Selected from 147 entries, each winner received a cash prize.
In a "CANEX Presents the Angels" pitch session, angel investors committed $350,000 to support three creative businesses. Leading investor Moji Hunponu-Wusu pledged $250,000 to Cameroonian designer Kibonen Nfi, with an additional $100,000 from a consortium investing in pitches from Zimbabwean Pam Samasuwo-Nyawiri and Thulani Ngazimbi, as well as Kibonen Nfi.
For more information on the concluded CANEX event:
Media Contact:
Mr Vincent Musumba
Manager, Communications and Events (Media Relations)
Email: [email protected]
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.
For more information, visit: www.afreximbank.com