Spain's Aval touts success in first two years


MADRID -- An organization that arranges financing and underwrites loans to the Spanish film and TV industry lauded its success Tuesday after two years of operation, saying it has helped more than 100 productions get off the ground.

"We've advised 150 projects and handled 114 loans worth more than 22 million euros ($33.5 million) of the total 120 million euros ($182.6 million) spent on these projects," Audiovisual Aval S.G.R. managing director Susana Serrano said at a press conference.

"These projects have created more than 1,200 jobs," she added.

Audiovisual Aval S.G.R. was founded in March 2006 by the Spanish Culture Ministry to aid small and medium businesses involved in film and television production, distribution, exhibition and technology.

The organization counts the associations of Spain's film producers, theater owners, audiovisual technicians and others among its members and works with leading banks to secure and guarantee low-interest loans for the industry.

"Spain's audiovisual industry is alive, dynamic and diverse and recent successes such as Javier Bardem's Oscar and the hit films like 'The Orphanage' and 'The Oxford Murders' shows that it is also healthy," Serrano said.