Out Of Africa: South Africa’s Durban FilmMart Teams Up With Afreximbank On Film Funding Initiative

South Africa’s Durban FilmMart Institute (DFMI) is collaborating with the African Export-Import Bank (Afreximbank) on an elaborate film funding initiative, and is now calling for full proposals.

Afreximbank has deployed the Creative Africa Nexus Programme to facilitate the development and growth of the creative and cultural industries in Africa and the diaspora. The programme provides a range of financing and non-financing interventions to support Africa’s production, trade and investment in creative assets and the development of the broader ecosystem. In the initial phase, the Canex Programme is focusing on Fashion, Film, Music, Gastronomy, Arts/Crafts and Sports.

Considering this, Afreximbank has partnered with the Durban FilmMart to host a ‘CANEX Deal Room’, where filmmakers/entrepreneurs will be given the opportunity to present bankable projects in the Creative and Cultural Industries to financiers and investors. Afreximbank will consider Debt and Equity transactions for Film and Television and related infrastructure.

GENERAL ELIGIBILITY

  1. Africa-based enterprises (public or private) registered on the African continent and bound by company laws of one of Afreximbank’s participating states.
  2. Entities either fully or partly owned by Africans in the diaspora, provided proof of link to an African in Diaspora is established; with the Africa ownership component being at least 25 per cent of enterprise value (proof of link to the diaspora must be established)
  3. Companies must have been operating for at least 3 years with a demonstrated history of executing and delivering projects in their respective sectors. 

ELIGIBILITY REQUIREMENTS FOR CINEMA AND AUDIOVISUAL

Film and Television

  1. An established track record (minimum of 3 commercially successful titles and US$1m in revenues at the time of application) of commercially successful films which has been distributed across intra and (or) extra African territories;
  2. Be either the lead producer on the project or have signed a co-production (or service) agreement with an international production company;
  3. Pre-sale signed distribution agreements with distribution networks, streaming platforms etc.
  4. For funded transactions, provide or demonstrate a minimum equity contribution of 20 per cent of the expected cost outlay/budget

Infrastructure

  1. Applicants should be either an existing cinema owner or retailer for cinema investments; studio developers, new or established film/TV/animation schools, new or existing animation studios and TV stations
  2. Applicants must have obtained all the necessary regulatory approvals/planning permits needed to commence construction.
  3. Applicants must have a signed turnkey agreement with a reputable EPC contractor, where the EPC contractor bears the risks for any unforeseen contingencies relating to the construction;
  4. On a build-to-own basis, applicants must demonstrate the capacity to operate and maintain the asset once completed or have signed an operation and maintenance (O&M) contract with a reputable company.
  5. Applicants must have a signed put or pay contract with suppliers.
  6. Applicants must demonstrate a proven track record of successfully completing and monetizing similar film infrastructure projects in the past.
  7. Applicants must have a completion guarantor, preferably a financial institution. Personal guarantors are not acceptable.

Proposals must be received by Friday 12 July 2024.

Established in 2020, the Durban FilmMart Institute is a non-profit company that facilitates local and international trade and investment in African film content. The mission of the Institute is to provide appropriate and effective programmes and services to promote, support and facilitate investment in African cinema, so that African film industry professionals and products are competitive and celebrated globally. 

To learn more about this opportunity, click here:

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