afrexim bank has announced a $3.8 million film financing development facility for AAA Entertainment to enhance the production of 11 green-lit film projects, in collaboration with production companies from Nigeria, Kenya, Zimbabwe and South Africa.
The project will employ the services of cast, crew and small and medium-sized companies from different African nationalities for all productions.
Afreximbank is a pan-African multilateral trade finance institution created in 1993 under the control of the African Development Bank. Its headquarters are located in Cairo, Egypt. Afreximbank has collaborated with the African Development Bank, the African Central Banks and other international financial institutions.
According to Afreximbank, the facility will enable more intra-African co-production deals, fostering a more integrated film value chain for the continent.
AAA Entertainment is one of the African sales and distribution companies that exports African material to the global market and distributes content within Africa to all linear and non-linear channels as well as cinema outlets. AAA Entertainment seeks to maximize synergy between the African market and audiences, as well as local African content artists and engineers.
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AAA Entertainment is also Netflix’s content partner in Africa and also works with various global aggregators and distributors for the largest digital content platforms such as Amazon, iTunes, Google Play and many others.
The Film Development Financing Fund is a debt financing solution intended to support the development and production of films produced by African entities.
This financing agreement is intended to support the development and production of films for producers with a history of successful film production where additional sources are available, such as “presales” of film distribution rights or studio financing.
The film financing service will also be available to producers who simply package a project and assign the rights to an aggregating production company.
It is also expected to have an impact on the entire value chain, from capacity building to distribution.
This is expected to improve the overall quality of African film content and make it more appealing to global audiences. It also encourages African film producers to develop edutainment content that showcases African culture and heritage.
‘ businessday.ng ‘
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