The Agence Française de Développement (AFD) have signed an agreement with HEVA Fund LLP to fund and provide technical assistance to the creative and cultural economy in Kenya in a project worth Ksh. 90 million (EUR 800,000).
The funds will go into a growth fund that will provide working capital, asset financing and business development services to creative enterprises. The sectors that will benefit include:
- Live music and events
- Fashion/apparel manufacturing retail
- Television and audiovisual content
The call for applications for HEVA’s new growth fund will be made in the third quarter of 2018. HEVA Managing Partner Mr. George Gachara said the fund will invest in solid players in the industry with a view to nurturing them in sustainable business that seeks to scale. “The creative industries present a tremendous opportunity to contribute to the much-needed job creation for young people and export our unique cultural identity into the global marketplace, as well as position Kenya as a global destination for tourism, the arts and entertainment. We want to bridge the gap by offering tailor-made, innovative financial and business support solutions to these ventures,” said Gachara.
Speaking at the signing of the partnership agreement, AFD’s chief executive officer Mr. Rémy Rioux said this was in line with the AFD strategy to develop its activities in the cultural and creative industry. “We support innovation and start-ups, providing mechanisms for financing the creative and cultural entrepreneurship in East Africa to foster job creation in this sector. The creative sector remains under estimated and many potential entrepreneurs in Africa are struggling to access capital, markets and business training,” said Rioux.
HEVA Fund, a finance and business support facility for creative businesses, has invested in over 25 creative businesses and provided business development services to over 400 creative entrepreneurs. They have invested in companies such as Katungulu Mwendwa, Peperuka, Kepha Maina, Mambo Pambo and Katchy Kollections.