$10m loan earmarked for entertainment industry – Exim Bank

Mr. Lawrence Agyinsam, CEO of Exim Bank has revealed that his institution has set aside 10 million USD loan for the Creative Arts Industry to advance the operations of the sector.

Speaking on GHOne’s State of Affairs show on Tuesday, Mr Agyinsam said that his financial institution is committed to the vision of “Transforming Ghana’s International Trade, hence the posture of the company to support enterprises who are ready to go global.

He noted that the Creative Arts industry is an area that employs a lot of youth not just in Ghana but even in the UK and the US; the more reason why they must be supported.

“I have had proposals from industry people who are developing an app that will show Kumawood and Ghallywood movies to the world. Once a person downloads the app they can view our local movies on their mobile devices,” he explained.

He added that, interestingly, capital injective for the entertainment and Creative Art industry is not as huge compared to pharmaceutical company, hence doable.

He however expressed disappointment in poor business proposals that get to his desk.

“There are times we get brilliant proposals, but because of the presentation we have had to refer them to the appropriate quarters to perfect it to reveal a clear business plan and module that will guarantee the feasibility of the kind of business before loans can be approved for them,” he bemoaned.

He urged young entrepreneurs to do due diligence to draft a good proposal as it is a perquisite for accessing loan not just at Exim Bank but elsewhere.