BrandArena: Bloomberg Media Initiative Africa Creates $1m Fund For African Media

Monday 23 November 2015

Bloomberg Media Initiative Africa Creates $1m Fund For African Media

Bloomberg Media Initiative Africa (BMIA) announced the creation of a $1m fund to build capacity for civil society community media organisations in three countries - Nigeria, Kenya, South Africa - who are working to advance a deeper understanding of business and financial journalism, social justice, innovation and data to support transparency, accountability and good governance across Africa.

The announcement follows the success of the inaugural Bloomberg Africa Business Media Innovators forum in Johannesburg, which convened close to 100 media and business influencers from 12 countries to explore the role business and financial journalism play in contributing to inclusive and sustainable economic growth on the continent.
L-R: Mike Bloomberg, Pili Twala-Tau and Amb. Patrick H. Gaspard. (source: BMIA)
According to the Founder, Bloomberg L.P., Philanthropist and 108th Mayor of New York City, Michael R. Bloomberg: “Reliable data and financial analysis bring transparency to markets and promote sound economic development – and they can help keep Africa growing and creating opportunity.”

Support for community media organisation will be provided by Bloomberg Philanthropies, the Ford Foundation, and a number of foundations on the continent. Grants will be awarded over the next three years to small and mid-size NGOs, community-based organisations, and digital media entrepreneurs in the areas of social justice, media innovation, business journalism and data.

“It will establish the missing link in the development of financial and business journalism, and infuse the genre with the requisite professionalism, ethical and normative values as expressed in international best practices” says Professor Rahamon A. Bello, Vice-Chancellor, University of Lagos, Nigeria.

The program is intended to enhance citizen access to localised data and statistical information, drive the development of new technology to deliver new media content, and improve citizens' understanding of business and finance principles to empower them to support policies and practices that accelerate economic and human development in Africa.

The BMIA Community Media Fund is a component of the Bloomberg Media Initiative Africa (BMIA), a pan-African program launched by Michael R. Bloomberg last year, to strengthen media capacity, promote innovation in the sector and improve access to high-quality data and information on the continent.

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