Ghanaian businesswoman and entrepreneur Roberta Annan this week launched a € 100 million fund to channel investments in African small and medium-sized creative and fashion businesses.
According to a press release from the African Development Bank (AfDB), the African Creation Impact Fund (IFFAC) will provide grants of up to € 50,000 to selected projects to accelerate the development of the continent’s creative sector.
The fund was launched at a ceremony during Paris Fashion Week, attended by fashion experts and Chinelo Anohu, senior director of the Africa Investment Forum, an AfDB flagship initiative, which aims to channel investments in Africa.
Annan, who also founded the African Fashion Foundation, said that in addition to the grants, IFFAC would make an additional € 250,000 to 2 million in venture capital available to African entrepreneurs who complete its building program. skills.
“I have met so many incredible talents across the continent, so much originality and innovation.
“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, ”said Annan.
Anohu, for his part, said the Africa Investment Forum is in talks with IFFAC as it organizes projects that will feature in its upcoming Africa Investment Forum 2021 market days to be held in Abidjan, Côte d’Ivoire, from December 1 to 3.
“I 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.
“To all 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,” Anohu said.
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 and the Forum’s 2021 Market Days are expected to feature creative and cultural sector agreements from across the world. continent, including in film and television, as well as women led projects, among other sectors.
Meanwhile, Anohu also met, during his visit to Paris, European investors, including institutional investors, who are actively interested in the African creative industry, as well as other key priority sectors in the sector. part of the Africa Investment Forum’s unified Covid-19 response pillars, which include technology, renewable energy. energy and agrifood sectors.