The International Financial Corporation (IFC) has announced partnership plans with French development finance institution, Proparco, and Helios Sports and Entertainment Group to support and drive the expansion of sports and entertainment industries in Africa.
Makhtar Diop, the Managing Director of IFC, who disclosed the partnership in a statement, said the IFC, a member of the World Bank Group, is on the verge of concluding plans with Proparco, a subsidiary of the Agence Française de Développement Group (AFD Group), and the Helios Group to strengthen its support for the sectors in Africa.
“A partnership with Helios Sports and Entertainment would offer an opportunity for IFC and Proparco to jointly address a long history of limited financing in Africa’s creative sectors, including sports and entertainment, and catalyze private sector development in the region.
“The African sports and entertainment are promising routes to accelerate growth and scale innovation on the continent.
“Africa is a key market in IFC’s creative industries strategy, targeting many verticals, such as e-commerce, arts and craft, fashion, audiovisual content, technology, and now sports and entertainment.
“Joining forces with partners like Proparco and Helios will lead to scalable opportunities to transform the creative economy in Africa, encourage local talent and drive homegrown development.
“The partnership would focus on exploring joint investment opportunities that can help grow economies and support jobs in the region through sectors that have the potential to bring dynamism, youth employment, value-added exports, and that also can strengthen ancillary sectors such as tourism, real estate, creative economies, and media,” Diop said in the statement.
Françoise Lombard, Chief Executive Officer, Proparco, who also commented on the impending partnership, said by supporting private partners such as Helios Sports and Entertainment Group, Proparco is stepping-up its commitment to cultural and creative industries as well as celebrating Africa’s creativity.