The African Export-Import Bank (Afreximbank), a Pan-African multilateral financial institution dedicated to financing and promoting trade within and outside of Africa, has entered into a term loan agreement with Tunisia’s Mediwood Studios. The $3 million loan, signed on October 19, 2024, during the Creative Africa Nexus Weekend (CANEX WKND) in Kigali, Rwanda, is aimed at bolstering the Tunisian film industry’s growth and development.
Mrs. Kanayo Awani, Executive Vice President of the Intra-African Trade Bank at Afreximbank, and Mr. Mehdi Ajroudi, Chief Executive Officer of Mediwood Studios, were the signatories of the Term Sheet, representing their respective organizations.
The funding is intended to enhance Tunisia’s film production capabilities, with the goal of establishing the country as a premier location for both local and international film projects. This move is expected to elevate Tunisia’s profile as a center for filmmaking within the Middle East and North Africa (MENA) region.
Mediwood Studios is set to allocate the loan towards the modernization and enlargement of its facilities, aiming to provide state-of-the-art production environments that are attractive to filmmakers worldwide, while simultaneously nurturing homegrown talent.
Mrs. Awani highlighted the significance of this financial agreement in propelling the African creative economy forward. She underscored that by upgrading Tunisia’s film infrastructure, the country would become more attractive to international film projects, which in turn would generate employment and foster cultural exchange.
She further elaborated that such initiatives are in line with Afreximbank’s overarching mission to support the creative industries across Africa through programs like CANEX, which seeks to amplify the continent’s cultural presence on an international scale.
“By enhancing Tunisia’s filmmaking infrastructure, we hope to attract international productions, foster local talent, and promote authentic regional narratives,” Awani remarked. “This will reinforce Africa’s cultural influence globally and support our mandate of economic integration and job creation.”
Mr. Ajroudi shared his enthusiasm regarding the potential economic benefits that the upgraded facilities would bring to the local community. He envisioned the development leading to job creation and opportunities throughout the various phases of film production, from pre-production to post-production, while also positioning Tunisia as a desirable filmmaking destination.
“At Mediwood Studios, we believe it’s time for Africa to become the storyteller – sharing our heritage, dreams, and voices with the world,” Ajroudi commented. He also mentioned that the expanded studio capacity would be equipped to accommodate large-scale productions, thus contributing to the economic vitality of Tunisia’s creative sector.
The $3 million loan agreement is anticipated to enhance Tunisia’s reputation in the international film industry and provide a platform for African narratives and talent to gain broader recognition and exposure.
