CREA Fund: a fund to support cultural and creative industries (CCIs)

According to UNESCO, the Cultural and Creative Industries (CCIs) represent approximately 3% of global GDP and 30 million jobs. Yet, their growth is often hindered by limited access to financing. The specific characteristics of the creative economy, such as the size of its businesses (often SMEs and startups) or the intangible nature of their assets, can pose challenges for financial intermediaries lacking expertise in this sector.

Launched by the European Union in 2019, CreatiFI (The Cultural and Creative Industries Financing Initiative) is a financing initiative for the cultural and creative industries aimed at bridging the funding gap in this sector across ACP countries. CreatiFI is a flagship initiative of the EU's Global Gateway strategy, which aims to strengthen international partnerships and promote sustainable development. 

CREA Fund complements contributions of the World Bank and the African Development Bank, which are implementing the other two strands of CreatiFI.

CREA Fund offers two key areas of support:

• A guarantee mechanism designed to cover investments that financial intermediaries may undertake in creative sector businesses.
• Technical support for financial intermediaries in target countries, helping them better understand the specificities of the Cultural and Creative Industries through market studies, training, and sector-specific expertise. It also enables them to support the growth of the businesses they wish to finance.

By providing these resources, CREA Fund creates a more favorable environment for creative sector entrepreneurs, fostering innovation, business growth, and economic and cultural development in their regions.