Bank grants Italo biz loan

Coin to finance local audiovisual industry for first time

MILAN — The European Investment Bank has granted Italy’s Banca Nazionale del Lavoro 100 million euros ($95 million) to finance the local audiovisual industry for the first time.

The loans will have the most favorable conditions on the market and will aim to increase production, export and import of European films for up to three years; give three- to five-year loans for more TV drama; and increase technological innovation, renovation and construction of theaters.

BNL is already the most active financial organization in Italy’s film sector. Including state funding, BNL gives out $500 million in loans to the national audiovisual industry a year.

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