The Israeli government has made public the findings of a major report on film and TV that advocates a new policy to stimulate production within the country.
The conclusion was that for the film industry to be competitive, it must foster ties with foreign countries and foreign producers. It gave special attention to Canada, Australia, South Africa, the Philippines and Vietnam.
To finance production, a $50 million venture capital fund for original productions and co-productions filmed in Israel would be created. Financing would come from the government and private investors, and operations to begin in early 1996.
Up to 50% of the cost of any film being produced in Israel would be eligible for funding, with the two companies providing the other 50% of the budget.
Banks in Israel will be allowed to consider investment in films to be a tangible asset that could be borrowed against.
“There is hardly a government in the world, with the exception of the U.S., which does not provide funding for its film industry,” says writer Barry Chamish.