Pinewood Indomina announced the signing of a partnership with the IFC, the World Bank’s private sector entity, for the processing of a long-term financial transaction for film-related operations in the country, for a total of USD$30 million (RD$1,230Billion).
As explained by Indomina CFO, Antonio Gennari, the IFC will disburse directly the sum of USD$20 million and commits to coordinating parallel loans for an additional USD$10 million, which will be placed in the international commercial banking sector.
The executive highlighted that within the next five years, the D.R could produce around 50 international films that will generate direct and indirect revenue totaling no less than USD$40 billion, around 5,000 jobs and tax revenue collection close to RD$5 Billion.
The funds granted by the IFC are destined to developing he film studio operations in the Dominican Republic and training and development of technical as well as professional assets necessary for the consolidation of the inland film industry.
During its first phase, the studio development has translated in an investment of USD$70 million on infrastructure works, conformed by three sound-proof studios, climate-controlled, featuring state-of-the-art technology, offices and workshops, as well as a water tank for aquatic scene filming of more than 6,000 square meters, considered among the best structures of this nature worldwide, and unique in the Caribbean region.
Indomina is a company in the Real State and Tourism portfolio of assets managed by VICINI.
The VICINI family has invested in different economic sectors in the Dominican Republic for over 140 years. VICINI is one of the companies that has contributed significantly to the development and industrialization of the country.
Source: Listin Diario