MEXICO CITY — The Mexican government will more than triple the funding for the production of quality films via a just-created trust.
President Ernesto Zedillo said Tuesday that the federal government will increase its financial support of the Fund for Quality Film Production by 100 million pesos ($12.5 million). He had just announced on Dec. 3 its creation with seed money of just 35 million pesos (about $4.3 million).
That money alone was expected to help double production levels here to 15 to 20 films, after Mexican film productions hit a 60-year low in 1997.
The fund will be operated by the Mexican Film Institute (Imcine) as a separate entity. It will offer grants and loans, and will seek to promote public-private partnerships in financing pix.