Sao Paolo, Brazil-based film company Life in the Tropics Entertainment (LITE) has launched a film development fund aimed at addressing the dearth of quality screenplays in Latin America.

There may be a glut of pics coming out of the region, especially Brazil and Argentina, but few boast good screenplays.

LITE hopes to tap private investors to provide seed capital to what are actually a series of funds.

Company will serve as fund manager and as an investment vehicle for the funds, with each one allotted $1 million divvied up among 10 projects.

Francis Liu, a partner at Sao Paolo-based management consulting company Booz Allen & Hamilton, has stepped forward with seed capital and an initial commitment of $100,000 to the first fund, dubbed Desavelopment.

First projects on LITE’s development slate include romantic comedy “Sex vs me” by Ricardo Alvarez and Gabriella Tagliavini, thriller “O Homem que eu Matei” (The man I killed) and “Vento Sudoeste” (A sudden change in the weather).