Indomina receives RD$1.23 billion in World Bank financing
The investment will contribute to the movie industry in the DR
SANTO DOMINGO. The International Finance Corporation (IFC), an agency of the World Bank for the private sector, signed yesterday an alliance with Indomina through which it grants financing for this company for RD$1.23 billion for the development of the movie industry in this country.
Besides the direct investment, the IFC will help to mobilize resources coming from the international commercial banking establishment for about US$10 million, so that the total value of the financing is US$30 million which is what produces the number of RD$1.23 billion.
The details of the investment were offered yesterday during a press conference by Ary Maim, the IFC representative for Haiti and the Dominican Republic; Felipe Vicini, the president of the board of directors of Indomina and Antonio Gennari, the financial director of Indomina, who stressed the projection that the production of movies in the international market will give the country, which will benefit tourism and the economy in general because of the large number of Dominican technicians that they will use in the productions.
Jobs
The Dominican Republic has passed the Movie Law, 108-2010 which introduces incentives for cinematography, placing the country in the global market as a very competitive destination for the production of audio-visual media.
The company Pinewood-indomina Studios will offer integrated services of production and post-production for regional and international television and movie productions.
The company executives expect that the installation, located in Juan Dolio and Guayacanes, will contribute to the creation of over 1000 direct jobs and 600 indirect jobs over the next five years, between small and medium suppliers.
Indomina has established a solid training program for technicians and professionals of the Dominican audio visual sector in order to help from the technical and creative abilities necessary for the growth of this new industry. For Antonio Gennari, the alliance between the IFC and Indomina is a key milestone in the evolution of the company. Moreover, the IFC financing permits the execution of high level training programs.
Indomina goals
PineWood-Indomina, the present beneficiary of the IFC, is located 40 miles from Santo Domingo and will begin its operations this year and it is expected that by 2018 they will be producing over 20 productions a year.
Ary Naim, of the IFC, said that the movie industry is a power motor for economic growth for many countries. He referred to the fact that since the country became a member of the IFC in 1961, this agency has loaned the Dominican private sector US$937.9 millions, including US$297.6 in loans.
Besides the direct investment, the IFC will help to mobilize resources coming from the international commercial banking establishment for about US$10 million, so that the total value of the financing is US$30 million which is what produces the number of RD$1.23 billion.
The details of the investment were offered yesterday during a press conference by Ary Maim, the IFC representative for Haiti and the Dominican Republic; Felipe Vicini, the president of the board of directors of Indomina and Antonio Gennari, the financial director of Indomina, who stressed the projection that the production of movies in the international market will give the country, which will benefit tourism and the economy in general because of the large number of Dominican technicians that they will use in the productions.
Jobs
The Dominican Republic has passed the Movie Law, 108-2010 which introduces incentives for cinematography, placing the country in the global market as a very competitive destination for the production of audio-visual media.
The company Pinewood-indomina Studios will offer integrated services of production and post-production for regional and international television and movie productions.
The company executives expect that the installation, located in Juan Dolio and Guayacanes, will contribute to the creation of over 1000 direct jobs and 600 indirect jobs over the next five years, between small and medium suppliers.
Indomina has established a solid training program for technicians and professionals of the Dominican audio visual sector in order to help from the technical and creative abilities necessary for the growth of this new industry. For Antonio Gennari, the alliance between the IFC and Indomina is a key milestone in the evolution of the company. Moreover, the IFC financing permits the execution of high level training programs.
Indomina goals
PineWood-Indomina, the present beneficiary of the IFC, is located 40 miles from Santo Domingo and will begin its operations this year and it is expected that by 2018 they will be producing over 20 productions a year.
Ary Naim, of the IFC, said that the movie industry is a power motor for economic growth for many countries. He referred to the fact that since the country became a member of the IFC in 1961, this agency has loaned the Dominican private sector US$937.9 millions, including US$297.6 in loans.
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