Brazil puts money where its biz is
Ancine, BNDES to manage new credit linesMEXICO CITY -- Brazil has unveiled its biggest funding push for the audiovisual industry, making $250 million available in financing this year alone, including new lines of credit to fund local projects, international co-productions and investments in film and television.
State-run audiovisual financing entity Ancine and national development bank BNDES will manage the credit lines.
"It's the largest effort that the Brazilian government has ever made to fund the audiovisual industry," Ancine co-director Sergio Sa Leitao said Thursday.
The first line of credit, a $30 million TV production fund, will begin operating in August. The fund aims to foster partnerships between TV stations in Brazil and independent producers worldwide.