Germany’s federal government is boosting film production coin by €10 million ($12.7 million).
Part of the government’s 2013 budget, which includes an additional $127 million for culture and arts, the film production coin will increase the German Federal Film Fund (DFFF) to nearly $90 million.
The DFFF is a major financing vehicle for domestic and international productions, offering a 16% rebate on total spend in Germany, capped at some $12.5 million.
Applauding Friday’s decision, German Producers’ Alliance chairman Alexander Thies said the increase comes at “a time dominated by cutbacks and shortages” and was “certainly not a foregone conclusion.”
He added that it was particularly welcomed by producers because “the DFFF, by stimulating international co-productions, has helped make Germany one of the world’s leading locations for film production.”
The DFFF recently backed Ron Howard’s “Rush,” Michael Caine starrer “Mr. Morgan’s Last Love” and the Wachowskis and Tom Tykwer’s “Cloud Atlas.”