Ghanaian businesswoman and entrepreneur Roberta Annan earlier this week launched a â¬ 100 million fund to channel investments in African small and medium-sized creative and fashion businesses. The Impact Fund for African Creatives (IFFAC) will award grants of up to â¬ 50,000 to selected projects to accelerate the development of the continent’s creative sector.
The fund was launched during a ceremony held on Monday, October 4, 2021, during Paris Fashion Week, in the presence of experts from the fashion industry. Chinelo Anohu, Senior Director of the Africa Investment Forum, was also present. The African Investment Forum, a flagship initiative of the African Development Bank, aims to channel investments to Africa.
Annan, who also founded the African Fashion Foundation, said that in addition to the grants, IFFAC will make an additional â¬ 250,000-2 million in venture capital available to African entrepreneurs who complete their career. skills building program. âI have met so many amazing talent across the continent, such originality and innovation,â Annan said. “But I also noticed a lack of management skills, infrastructure and start-up capital needed to scale these creative ventures. This is the motivation behind IFFAC.”
Anohu said the Africa Investment Forum is in talks with IFFAC as it organizes projects that will feature at its upcoming AIF 2021 Market Days to be held in Abidjan, Cote d’Ivoire, from December 1 to 3.
âI applaud IFFAC for its plans to bring an early stage deployment of capital, as well as a structured training and mentoring program for artists and entrepreneurs like Nigerian designer Kenneth Ize,â said Anohu . “For all those investors in this room, who believe, like me, in the commercialization potential of Africa’s creative genius exports, I invite you to contact the Africa Investment Forum.”
Ize, a beneficiary of the Impact Fund program, also attended the launch, after becoming the first African to open Paris Fashion Week last week.
Africa’s creative industry is an increasingly important part of the investment mix for the future of the African economy; The Forum’s 2021 Market Days will feature agreements from the creative and cultural sector from across the continent, including film and television, as well as projects led by women, among other sectors.
While in Paris, Anohu also met European investors, including institutional investors, who are actively interested in the African creative industry, as well as other key priority sectors as part of the Forum. Unified response to Covid-19 pillars. These sectors include technology, renewable energy and agribusiness.
About the African Investment Forum
The Africa Investment Forum is a multi-stakeholder and multidisciplinary platform that advances private and public-private partnership projects towards bankability, mobilizes capital and accelerates transactions to financial close. A flagship initiative of the African Development Bank, the Forum was launched in 2018 with seven other founding partners: Africa 50; the African Finance Corporation; the African Import-Export Bank; the Development Bank of Southern Africa; the Bank of Commerce and Development; the European Investment Bank; and the Islamic Development Bank.