Commission announces new agreements to support Europe’s creative and cultural industries
Today, the Commission and the European Investment Fund (EIF) have announced three new agreements to facilitate access to finance for European creative Small and Medium Enterprises (SMEs).
Anthony Carrel
These agreements, signed with the EIF on the sidelines of the 77th Festival de Cannes and backed by the InvestEU Cultural and Creative Portfolio Guarantee Product, are expected to mobilise around €141 millions of new financing for the cultural and creative sectors.
Thierry Breton, Commissioner for the Internal Market said: “Through the Invest EU Cultural and Creative Portfolio Guarantee Product, the EU is strongly committed to helping cultural and creative businesses finance their innovative projects and stimulating initiatives contributing to European diversity and economic development. The agreements signed today will allow many European film producers find the means to finance projects which keep the European audiovisual creation at the forefront of the world stage.”
The agreements are signed with three intermediaries, which will provide access to finances to creative SMEs. These intermediaries originate from France, Germany and Finland. The French Institute pour le Financement du Cinéma et des Industries Culturelles (IFCIC) will benefit from a EIF guarantee line to target the cultural and creative sectors, in particular audiovisual productions. German studio Beta Film will help independent European producers obtain additional financing for their audiovisual projects and promote international distribution to maximise revenue potential. Lastly, the Finnish Impact Film Fund (FIFF), managed by Aurora Studios, has signed a guarantee line for artistically and commercially ambitious films and TV series.
The European audiovisual sector is known for being highly innovative and creative and has high growth potential; nonetheless businesses often lack the financial strength to compete at international level. Funding from InvestEU will help financial intermediaries offer new solutions to audiovisual and creative companies and provide them with adequate support to help achieve their ambitions.
You can find out more information about the EIF support to Europe’s cultural creative businesses and audiovisual sector.
You can also read more information about the Creative Europe MEDIA Programme and the European Media and Audiovisual Action Plan.
