€83.2m for film support
by Vitor Pinto
In the next seven years, Portugal's film and audiovisual sector will receive up to €83.2m from a new Special Fund for film and audiovisual investment. This new support was made possible from an initiative of the Ministries of Culture and Economy, the latter which gathers public and private capital.
The State is represented by IAPMEI, an entity whose goal is to support small and medium enterprises, while other investors include PT Multimedia and TV channels SIC, RTP and TVI (owned by Spanish group PRISA).
Minister of Culture Isabel Pires Lima defined the initiative as "the inauguration of a new phase for the film and audiovisual sector in Portugal" and a step forward in the “development of the private sector".
According to Fernando Coelho of ESAF – the management company of Bank Espírito Santo that will oversee the fund – the subsidies will be allocated following criteria of profitability, competitiveness and quality.
The financing conditions and application process will be explained in a workshop to be held on September 6 in Lisbon.
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