MOSCOW, April 1A Commercial Film and Animation Development Fund will be created in Russia to systematically finance the production of full-length films for commercial distribution, Russian Minister of Culture Olga Lyubimova announced in her Telegram channel.
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«A Commercial Fund for the Development of Film and Animation will be created in Russia… The NMG holding (National Media Group — ed.) and the Russian Direct Investment Fund plan to invest up to eight billion rubles in the creation of a joint Fund,» the head of the department wrote.
According to her, the main task of the fund will be to systematically finance the production of feature films for commercial distribution.
National Media Group will provide initial expertise in project selection. The final decision on funding will be made by the Foundation’s content committee, headed by Fyodor Bondarchuk.
It is expected that the Commercial Film and Animation Development Fund will help reduce the time it takes to find investors. The domestic film market will be replenished with new spectacular films. Filmmakers will be able to produce more technologically advanced films, the minister added.
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