MADRID — The Ibermedia Latin American/Spanish co-production fund will examine mechanisms to improve the distribution of films it finances outside their country of origin, its president Jose Maria Otero declared Monday.

Otero also confirmed that, while he is ankling as director general of the ICAA film institute, Spain’s biggest subsidy and promotion board, he will continue as Ibermedia prexy.

Ibermedia’s total annual funds stand at some $3.5 million a year. The lion’s share goes once a year to Spanish and Latin American co-productions as non-returnable loans.

Limited to $200,000 a pic, the fund’s finance may seem peanuts. But it has proved invaluable on many of the often micro-budgeted pics coming out of Latin America.

Ibermedia also grants coin for the development, distribution and promotion of co-prods and for training film execs.

Now, per Otero, “the production finance is showing results. The next challenge is how to better films’ international reach.”

A seminal figure in Spanish industry negotiations from the early ’90s, as the co-ordinator of producers lobbies Procine and Fapae and ICAA director general from 1996, Otero will also take a year out beyond Ibermedia responsibilities to complete a university thesis on cultural diversity and state film-funding mechanisms.