After an invitation to bid launched by the European Commission during January 2010, the IFCIC has implemented, with the financial support of the MEDIA Programme of the EU and of the CNC (Centre national du cinéma et de l'image animée), a new guarantee fund: the MEDIA Production Guarantee Fund (MPGF).
This new scheme aims at supporting the European film industry by facilitating credit access for those independent film producers belonging to the countries participating in the MEDIA Programme.
The MPGF allows for the guaranteeing of up to 55% of loans granted by European credit institutions to independent film production companies for the financing of the pre-production and/or production of their works.
By allowing credit institutions to significantly reduce the risk that these institutions carry for the financing of European film production, the MPGF will encourage them to consent to more of these types of loans.
According to the terms of the agreement signed between the European Commission and the IFCIC, the MEDIA Programme has pledged the sum of 4 million Euros until 2013. This sum will allow the IFCIC, via financial gearing, to cover risks of around 36.4 M€ which corresponds to more than 65 M€ of credit.
The MPGF is managed by the IFCIC which brings its expertise of the sector to accompany the smooth progression of the guarantee transactions and which acts as the guarantor for the financial solidity of the scheme.
The presentation pages of the MEDIA Production Guarantee Fund have been produced by the IFCIC with the financial contribution of the European Union. The views expressed herein can in no way be taken to reflect the official opinion of the European Union.
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