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The International Finance Corporation (IFC) has reportedly committed nearly US$1 billion to creative industries in emerging markets since November 2022, making it the largest development finance institution investor in the sector.
The investments cover fashion, sports and entertainment, film, the creator economy and immersive technology, reflecting growing recognition of creative businesses as drivers of jobs and economic growth.
In its latest newsletter, IFC said the initiative would identify promising companies, assess their business needs and develop growth plans covering production, digital capabilities, market expansion and supply chain management.
Read more: Filming of new Zambian drama series highlights country’s industry match to global acclaim
The programme builds on an earlier pilot which showed that African creative SMEs could achieve significant commercial growth but often required strategic guidance and operational support alongside financing.
Over the next decade, about 1.2 billion young people in developing countries are expected to reach working age, while an estimated 300 million may lack clear pathways into employment.
IFC said Africa’s creative industries could generate about 20 million jobs and contribute US$200 billion in economic value by 2030. The corporation said expanding access to finance and business support could help creative enterprises overcome constraints that limit their growth.
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