CANNES - A new co-production fund between Italy and Latin America was announced at the Italian Pavilion in Cannes to support film projects that are developed or co-produced by Italian producers with partners from Latin American countries. The initial allocation is €1 million, with the hope that it can soon be increased "as a sign of the good functioning of the program and the growing interest in this type of co-production".
The fund meets a substantial demand from operators in the sector noted DGCA Nicola Borrelli, who said he was confident that the new instrument would effectively strengthen the ties and collaboration opportunities between Italian and Latin American cinema, an area that is strategically relevant not only from a cinematographic point of view, but also culturally and geopolitically. A tool that was also came about thanks to the experience of the Ibermedia program, which Italy participated in for several years until its recent departure. “It was a participation that allowed us to understand the dynamics of the sector and led us to the conclusion that the most effective solution was the creation of an autonomous fund, targeted and tailor-made for the needs of Italian producers”.
Roberto Stabile illustrated the operational specifications: “The fund basically follows all the rules of Ibermedia, to which Italian producers no longer have access since Italy left the program, and is extended to all member countries of Ibermedia as well as Spain and Portugal”. Italy’s presence in the program did not work so well, admitted Stabile, “so we decided to create this fund, which has nothing in conflict with the Ibermedia fund, with which it can be combined”.
The fund, initially aimed only at films and not series, does not require the production to shoot in Italy. The application can be submitted by an Italian producer, whether a minority or majority producer, with a minimum participation percentage of 10%. There is no need for pre-existing agreements between the countries to submit the application, and at the moment it is not possible to combine it with the minority fund in Italy. With regard to the selection methods: "We are thinking of not making a selection in Italy with a commission that evaluates the applications, but rather of making agreements with four or five key markets and festivals in Latin America and assigning the funding as a sort of bonus linked to the event. So that the Italian side will judge, but together with the Latin American territories.
Details of the formal regulation of the call are currently still being discussed at the Ministry of Culture but it has been guaranteed that the fund will be active within the year.