HEVA Fund Gives A Boost To The Creative Sector In East Africa With KES 90 Million Investment
image source: HevaFund
What comes as a significant project for the creative industry based in Kenya and the wider East African region is the Heva signed credit investment agreement with Agence Française de Développement (AFD) on Thursday 21st of June 2018.
The project which is worth KES 90 Million (Euro 800,000) is a 2018/2022 Heva strategy to advance credit and technical assistance for creative industries in Kenya and across the East African community.
According to Rémy Rioux Chief Executive Officer AFD, this is the first creative industry investment that AFD has made in Africa through HEVA Fund in seeking to support innovation and start-ups, providing mechanisms for financing creative and cultural entrepreneurship in East Africa in promoting job creation in this sector.
Rémy also added that HEVA’s work in the East African creative economy since 2013 has proven to be strongly aligned with the current AFD strategy to develop its activities in the cultural and creative industry in Africa.
In addition, George Gachara, HEVA managing partner expounded on the great opportunity that the creative industry offers in contributing to job creation for young people, export of our unique cultural identity, and position Kenya as a global destination for tourism.
Heva Fund aims at driving KES 500 million in growth investments over the next few years to businesses in the following value chains: live music and events; fashion/apparel manufacturing and retail; film, television, and audiovisual content; and gaming and entertainment.
Heva Finance and Investment Manager Maureen Njuguna made a remark on the fund being invested in businesses with at least 5 permanent members of staff, and annual revenues not exceeding KES 50 million.
The strategy that Heva looks at increasing the production capacity, the enter of new markets and widening of the product range with a focus of promoting cross-border trade in the East African region.
Heva Fund since 2013 has invested in more than 20 creative businesses in the fashion, digital content, crafts and decor value chains in Kenya, Uganda, Tanzania and Rwanda.
The innovated financial models designed for the East African creative economy view the creative sector as being the source for the creation of new products and new cultural experiences in the region.
So, they aim at being in the lead of helping the producers of cultural goods and services to build high-value, profitable businesses from feasible ideas.
In brief which strategy could HEVA Fund approach in offer tailor-made, innovative financial and business support solutions to these worthy ventures? Share with us in the comment section below.