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Film Guarantee Fund extended for two years


The Film Services Advisory Committee (FSAC) agreed at its meeting today (December 14) to extend the Film Guarantee Fund (FGF) scheme for another two years until March, 2007.

The committee initially agreed to adjust the total commitment of the FGF to $30 million, and allocate $20 million for organising programmes which are favourable to the development of the local film industry. The FSAC will set up a working group to delineate the use of the $20 million funding.

The committee also agreed to an industry proposal to relax the eligible criteria of the FGF. The original requirement is that the film production companies applying for the fund should have produced at least three films between 1992 and 2001 for commercial release in Hong Kong. The new adjustment agreed by the FSAC is that the film production companies should have produced at least two films within 10 years before the date of application.

The FGF has approved seven applications since its launch in April, 2003. One of the approved applications decided not to receive the loan facility as it had obtained financial support from another source. The total amount of FGF committed for the other six applications is $14 million, while the total production cost of the films amounted to $78 million.

The Commerce, Industry and Technology Bureau will consult the Information Technology and Broadcasting Panel of the Legislative Council of the proposals and apply for funding approval from the Finance Committee.

The FSAC was also briefed on the result of the feasibility study commissioned by the Government on the setting up of a film script registration system and a film title registration system in Hong Kong. The Government will consult the industry on the study result and to explore whether it is necessary to set up the system. A proposal will be submitted to FSAC for its consideration after the consultation.

Ends/Tuesday, December 14, 2004


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