Third Session of Ministers for Culture Conference

Nigeria Thu 30-09-2010

Third Session of Ministers for Culture Conference
By Simao Souindoula | AfricanColours.com

Arewa by Kingsley Iyamu

General theme: “Long term financing of the sector of culture in Africa”

Summary of the communication: “Bank investment and long term financing of the sector of culture in Africa”

Africa - the developing continent, already forced into various basic economic and social priorities is for that reason, confronting significant problems in financing thousands of cultural and artistic programs, committed toward different states or regional levels.

The financing of most projects in this sector is insufficient, if not, actually precarious.

One of the options to take up is probably bank investment, an option already attempted or still in the process in some regional institutions.

Of course, the fulfilment of this process must be carried out with the participation of banks which often support programs of cultural awakening or artistic creativity.

One of the desirable means for organizations, associations, agencies or groups of the sector, is the paid account.

And the starting point of this process could be a request to build up the initial capital, call to partners and usual sponsors such as oil, mine, insurance and lottery companies, telecommunications operators, airlines, foundations, politicians, businessmen, bilateral cooperation or multilateral assistance organizations and many others.

The mobilization of funds, started in this continent, in favour of some programs of promoting public reading, searching in the domain of anthropological expressions or artistic production, providing information on the efficiency of bank investment.

And it is the case of the two-year contemporary Bantu art exhibition which allows a collection of nearly $US 400,000 of external financing in each of its editions.

Considering this amount and a medium interest rate of 10% on an investment over twelve months, payments of capitals, this event potentially could have an annual interest budget of $US40, 000

In this case, the contest and exposition show could have at its disposal proper resources, totally renewable and avoid, for that reason, its suspension...

The experience of bank investment which seems, in this way, an effective initiative must be encouraged. This, so as to guarantee to the culture sector a base of renewable revenues; subsequently implying the extension of the public libraries system, the increase of publications on art sciences, the strengthening of creative industries, enlargement of literary works editions, of fiction films direction, of modelling and craft arts exhibition, CD and DVD editions, of music concerts, dancing shows, plays and so on and so forth.

Posted By: Hirum Ndungu

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