Egypt-based Afreximbank partners Mediwood Studios to boost Tunisian film industry

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October 24, 2024
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2 min read
Afreximbank x Mediwood Studio

The news:

  • The African Export-Import Bank (Afreximbank), a Pan-African multilateral financial institution focused on financing and promoting intra- and extra-African trade, has signed a $3 million term loan agreement with Tunisia-based Mediwood Studios to support the expansion of the country's film industry. 
  • Signing the Term Sheet on behalf of Afreximbank were Mrs Kanayo Awani, Executive Vice President, Intra-African Trade Bank, and Mr Mehdi Ajroudi, Chief Executive Officer (CEO) of Mediwood Studios, on behalf of his company.
  • The loan, formalised on October 19, 2024, during the Creative Africa Nexus Weekend (CANEX WKND) in Kigali, Rwanda, intends to enhance Tunisia’s filmmaking infrastructure, positioning the country as a key hub for domestic and international productions. 

The partnership marks a significant step toward increasing Tunisia's visibility as a filmmaking destination in the Middle East and North Africa (MENA) region. 

Mediwood Studios plans to use the funds to upgrade and expand its facilities, offering world-class production spaces that appeal to global filmmakers while fostering local talent.

Mrs Awani, speaking on behalf of Afreximbank, emphasised the importance of the deal in boosting Africa's creative economy. Awani stated that expanding Tunisia's film infrastructure would attract international productions, create jobs, and bridge cultural divides. 

She noted that this effort aligns with the bank’s broader goal of supporting Africa’s creative industries through the CANEX program, which promotes the continent's cultural influence on the global stage.

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“By enhancing Tunisia’s filmmaking infrastructure, we hope to attract international productions, foster local talent, and promote authentic regional narratives,” Awani stated. “This will reinforce Africa’s cultural influence globally and support our mandate of economic integration and job creation.”

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Ajroudi expressed optimism about the impact of the expanded facilities on the local economy. He said the development would create jobs and opportunities in all stages of film production, from pre-production to post-production, while enhancing Tunisia’s appeal as a filmmaking hub.

“At Mediwood Studios, we believe it’s time for Africa to become the storyteller – sharing our heritage, dreams, and voices with the world,” Ajroudi said. 

He added that the expanded studio facilities could handle large-scale productions, thereby contributing to economic growth in Tunisia's creative sector.

The $3 million agreement is expected to boost Tunisia's standing in the global film industry while providing a platform for African stories and talent to reach a wider audience.

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