$29 mil for prod'n, $4 mil to build or refurbish cinemas

MADRID — Spain’s Official Credit Institute (ICO) has pacted with the Ministry of Education, Culture and Sports to plow Pta6.2 billion ($33 million) into the Spanish film industry next year.

ICO will open a low-interest credit line worth $29 million for film production and the purchase of post-production equipment, and a further $4 million to build or refurbish cinemas. The ministry has already earmarked $28 million in film subsidies for Spanish cinema during 2001. Film production credit will be up 10% on 2000.

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