Galicia, government team on fund

Duo to invest in high-budget projects

Little wonder Ignacio Varela, the Galicia Audiovisual Consortium manager, was smiling at Tuesday’s Galician Happy Hour.

Galicia’s government and Caixa Galicia are creating a new risk capital film fund, investing in higher-budget films with hometurf and international potential.

Fund’s partners are Caixa Galicia, the Galicia Audiovisual Consortium, the Fondo Adiante, and the Galician Institute for Economic Promotion.

Start-up capital runs at Euros 3 million ($4.0 million). That may not seem much.

But the fund’s money is investment, not credit: producers don’t have to return it.

And coin runs up to Euros600,000 ($811,000) per pic – more than most TV pre-buys or central government subsidies in Spain, giving the fund real muscle to cherrypick significant movies from Spain or abroad, tempting them to consider a Galician shoot or part Galician talent, factors tat can favor investment.

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