Export sector novelties
Financial support for films based on their foreign sales potential. In accordance with the wishes of the French minister for culture and communication, Jean-Jacques Aillagon, two days ago IFCIC (the Institute for Film & Cultural Industry Funding) announced it was setting up a new guarantee to help film producers and exporters export their products abroad.
IFCIC guarantees bank loans to all film industry sectors for every stage of project development and will share up to half the financial risks. This scheme is vital for small dedicated banks like Coficiné and Cofiloisir that under other circumstances would be unable to guarantee big loans.
Under the new agreement, IFCIC will cover 65 per cent of credit lines to producers and film exporters (both together or individually) who promise or expect foreign box office returns. The scheme will be experimented next month and it is hoped it will lead to an increase in the number of films released. According to IFCIC, fewer films are being released: 91in 1999, 79 in 2000 and 64 in 2001.
(Translated from French)
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