Ghanaian businesswoman and entrepreneur Roberta Annan earlier this week launched a €100 million fund to channel investment into small and medium African creative and fashion enterprises. The Impact Fund for African Creatives (IFFAC), will award 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 held on Monday 4 October, 2021, during Paris Fashion week, and was attended by fashion industry experts. Chinelo Anohu, Senior Director of the Africa Investment Forum also attended. The Africa Investment Forum, a flagship initiative of the African Development Bank, aims to channel investment into Africa.
Annan, who also founded the African Fashion Foundation, said that, in addition to grants, IFFAC will make a further €250,000- €2 million in venture capital available to African entrepreneurs who complete its skills-building program. “I have encountered so much incredible talent all over the continent, such originality and innovation,” said Annan. “But I have also noticed a lack of management skills, infrastructure, and start-up capital necessary to scale these creative businesses. This is the motivation behind IFFAC.”
“I applaud IFFAC for its plans to bring early-stage capital deployment, along with a structured program of training and mentorship to artists and entrepreneurs like Nigerian designer Kenneth Ize,” said Anohu. “For all those investors in this room, who believe, like I do, in the potential for commercializing the exports of Africa’s creative genius, I invite you to contact the Africa Investment Forum.”