Italian government creates new film fund
EmptyROME -- The Italian government Monday announced the creation of a special fund with seed money worth €2 million ($2.6 million) aimed at promoting Italian cinema.
The fund is unusual because the cash will come directly from the state and will be overseen by the Ministry of Culture, the Italian Treasury, and the Banca Nazionale del Lavoro, which will administer the funds. It will not be distributed on a regional level, as similar funds have operated in the past.
According to a statement from the ministry, the fund will be used to provide cash or loan credits for the production, distribution and export of Italian-made films by matching other investments in the projects.
The ministry official informally directing the project is Gaetano Blandini, newly named as the ministry's official in charge of cinema.
The as-yet unnamed fund could grow over time, with more state money and profits from the projects it helps fund.