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TRENDING
May 31, 2024
€141m in Financing to Back European Film and TV Production
European Commission and the European Investment Fund (EIF) signs loan guarantee agreements with three funding organisations. By: K Dass.
Europe - The European Commission and the European Investment
Fund (EIF) have recently signed loan guarantee agreements with organisations
from France, Germany, and Finland. These agreements are expected to lead to
€141 million in new financing for the film, TV, and creative sectors in Europe.
This intermediary
will help independent European producers obtain additional financing for their
audiovisual projects. The EU support is expected to leverage a portfolio of
around €45 million in financing, allowing Germany’s Beta Film to complement
traditional lenders and provide tailor-made financing solutions to the European
audiovisual sector.
France’s Institute
pour le Financement du Cinéma et des Industries Culturelles (IFCIC): IFCIC will
have access to an EIF guarantee line to target the cultural and creative
sectors, particularly audiovisual productions. This is expected to leverage
around €85 million of financing. The guarantee aims to support businesses in
the audio-visual sector where banks may lack expertise in assessing expected
cashflows and production success.
Finnish Impact Film
Fund (FIFF) managed by Aurora Studios, has signed a guarantee line for
artistically and commercially ambitious films and TV series. It is expected to
issue around €11 million in financing.
These loan guarantee
agreements specifically benefit smaller companies operating in the creative
industries, which often face challenges accessing finance from traditional
banks and financial institutions. The EIF’s initiative aims to support European
audiovisual production and keep it at the forefront of the world stage.
This move reflects
the growing importance of production incentives and financing support for
European films. While direct public funding remains significant, production
incentives are playing an increasingly crucial role in sustaining the creative
sector.
