Kigali has hosted Creative Africa Exchange (CAX) from January 16 to 18. A new platform intended to promote exchanges within the African creative and cultural industry. With one of the most concrete objectives for this edition: to raise funds worth $ 2 billion. That is bet partially raised.
By DBM, in Kigali
Beninese actor with Hollywood fame, Djimon Hounsou; the Nigerian designer Alphadi; the two Franco-Cameroonian sisters who make up the Nubians group; a closing with great fanfare with a concert by D’Banj … The official launch of the Creative Africa Exchange (CAX) tour, which was held from January 16 to 18 in the Rwandan capital, did not lack ambitions among its presence. In fact, the project was born out of the 2018 Intra-African Trade Fair (IATF) in Cairo, Egypt, this new platform aims to promote exchanges within the African creative and cultural industry. With one of the most concrete objectives for this edition: to raise offers worth $ 2 billion. A bet which is partially raised in this event.
« CAX is just the beginning of creating new partnerships and it is an opening up for financing good ideas »
“CAX is just the beginning of creating new partnerships and it could be an opening up to finance good ideas as a bank. We are planning to launch financing for small and medium-sized businesses, « announced CAX Temwa Gondwe, director of the Trade Facilitation Initiative at Afreximbank.
Indeed, the bank dedicated to intra-African trade being at the heart of the operation which aims to unleash the potential of Africa in the creative industry whose bank is ready to support financing and partnerships which will also promote regional integration. “As a bank, we are here in Kigali to discuss business and to do business. We should consider building an ecosystem starting from an idea and getting to the commercialization of that idea. And of course, we can provide lines of credit, project finance and partnership. ”
Co-organized with the Rwanda Development Board (RDB), the event will have been punctuated by conferences, with other contributors; among them is Rosemary Mbabazy, Minister of Youth and Culture of Rwanda; Olivier Laouchez, CEO of Trace TV; Professor Benedict Oramah – President and Chairman of the Board of Afreximbank; and Jose Da Silva, President of Sony Music Entertainment Côte d’Ivoire.
Launch of MVMO, a new pan-African streaming service
But since it was all about « doing business », the opportunity would have been taken to launch MVMO, a new pan-African streaming service for movies, videos, music and opportunities. This distribution platform for the creative and cultural industry in Africa must deploy advanced technologies to enable a high performance streaming experience via mobile Internet.
$ 190 million for MIA’s acquisition of Vlisco
Above all, the initial objective, namely to raise funds to lay the foundations for a real African creative industry, will have been partially raised. Indeed, on the sidelines of the meeting Afreximbank signed a memorandum of understanding, worth $ 190 million, with Made In Africa Inc. (MIA) to finance the acquisition of African Fabric Holdings BV, Pays- Bas, also known as the Vlisco Group.
