$47.6 mil to help start industry reforms
MOSCOW — State funding for Russia’s film industry will double in 2002 to 1.4 billion rubles ($47.6 million), said Minister of Culture Mikhail Shvydkoi on Monday.
The cash injection will kick-start industry reforms, including the partial privatization of key studios, and fund newly established coordinating body Russian Film Distribution. It is also designed to fill an expected gap in private investment that will arise when tax concessions for production investment end at the end of the year.
Restructuring at Moscow’s Gorky and Ekaterinburg’s Sverdlovsk Studios is already under way. St. Petersburg’s Lenfilm, Russia’s oldest facility, is expected to follow, with Mosfilm, where the plans have met most resistance, due for the mid-term. Work at RKP is designed to give higher exhib profile to local fare, as well as channel commercial revenue toward Russian production.