Financial sector pledges funding for filmmakers

The financial sector has pledged to develop products tailored for filmmakers to boost the industry.

Financial institutions KCB Group, Daraja Microfinance Bank as well as insurers Kenindia and Hollard Insurance pledged to promote film and audio visual sector through funding at the conclusion of Africa Film Finance Summit, part of the Ambika Afrika Safari Film Festival, held from October 12 to 19 in Nairobi.

The institutions’ representatives were set to table the proposals to their respective boards for further considerations.

“Financial institutions have committed to embrace the film industry as a viable enterprise and resolved to develop products tailored for the film industry,” said Pan African Federation of Filmmakers (FEPACI) executive director Jane Murago Munene.

She said FEPACI’s goal was to mobilise $200 million in two years and catalyse growth of commercial funding for Africa’s audio-visual and cinema sector.

The funding seeks to enhance the quality and quantity of films, documentaries and other forms of audio visual productions.

Filmmakers at the summit were also pushing for the State financial support citing success stories elsewhere in Africa and the sector’s immense potential for gross domestic production (GDP) contribution.

The industry is estimated to contribute Sh7 billion to Kenya’s GDP. Of this, Sh2.3 billion comes from the Riverwood production, according to data Ecocapp Capital presented at the event.