Ahead of the upcoming CANEX Weekend in Algiers, Algeria, from 16 to 19 October, African Export-Import Bank (Afreximbank) has 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. Co-chaired by H.E Amb. Minata Samate Cessouma, Commissioner for Health, Humanitarian Affairs and Social Development of the African Union Commission, and Senator Mr.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. Amongst the recommendations 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.
Co-Chair H.E 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.”
Co-chair 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 Mrs. 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.”
Other members of the reconstituted CAAG are: Alex Okosi, Managing Director, Google Africa; Vincent Berry II, Singer, Songwriter and Producer; Didier Drogba, renowned African footballer and President, Didier Drogba Foundation; Omar Ben Yedder, Group Publisher and Managing Director, IC Publications; Azza Fahmy, Founder, Azza Fahmy Designs; Oscar ‘Oskido’ Mdlongwa, Recording Artist and Record Producer, Legend Live; Olasupo Olusi, Managing Director and CEO, Bank of Industry; Kibonen Nfi, CEO, Cameroon Clothing; Mamou Daffe, President, African Culture Fund; Hana El-Beblawy, Founder, ARD Art Institution; Orlando Romain, OECS Advisor on the Creative Economy; George Gachara, Founding Partner, The Heva Fund; and H.E. Hannatu Musawa, Minister of Art, Culture and Creative Economy of Nigeria.
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.
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 effectively participating 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. 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.
