When you’re curled up on the couch watching a movie or dancing to your favorite song, you’re probably not thinking about the impact on the world economy.
But it turns out that the creative industries — think music, film, and fashion — account for about 3% of global gross domestic product and employ more workers between 18 and 25 than any other industry. Development finance institutions have been thinking about that statistic in recent years.
Back in 2022, International Finance Corporation chief Makhtar Diop told me that he wanted IFC to invest more in this sector. So I decided it was time for a close-up of what has happened given that new mandate.
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About the author
Adva Saldinger@AdvaSal
Adva Saldinger is a Senior Reporter at Devex where she covers development finance, as well as U.S. foreign aid policy. Adva explores the role the private sector and private capital play in development and authors the weekly Devex Invested newsletter bringing the latest news on the role of business and finance in addressing global challenges. A journalist with more than 10 years of experience, she has worked at several newspapers in the U.S. and lived in both Ghana and South Africa.
