BY: Dr. Hana Saada
ALGIERS- Soraya Mouloudji, the Minister of Culture and Arts, has unveiled plans for a comprehensive framework agreement with the Association of Banking and Financial Institutions (ABEF) to facilitate film production endeavors. The proposed agreement seeks to address the challenges faced by project stakeholders, offering enhanced access to bank loans at favorable interest rates for investors and producers within the cinematic and cultural sectors.
Speaking at the national conference on investment mechanisms in the film industry, attended by the Algerian Investment Promotion Agency, Minister Mouloudji emphasized that the forthcoming legislation on the cinematic industry would establish regulations and mechanisms aligned with professional aspirations and the economic policies of the state.
Highlighting the objective of the initiative, Minister Mouloudji stated, “Our aim is to deliberate on investment mechanisms within the cinematic domain, building upon previous efforts and fostering engagement with experts and specialists through participatory and consultative approaches.”
Since 2020, the Ministry has been actively engaged in welcoming and supporting various investment projects within the cinematic industry, providing a conducive environment for prospective investors.
Preceding the national conference, several meetings were held with officials from the Algerian Investment Promotion Agency to explore funding mechanisms for cinematic investment projects, alongside discussions on incentives and privileges extended by the agency.
Furthermore, Minister Mouloudji underscored ongoing collaborations with the Ministry of Finance, through joint commissions, to devise financing modalities and support mechanisms for film production, private cinema operation, and the provision of tax incentives and banking facilities to encourage investment.
The Director-General of the Algerian Investment Promotion Agency echoed the significance of the conference, describing it as an opportunity to engage with stakeholders in the cinematic industry. He emphasized the agency’s commitment to providing comprehensive support to investors, including fiscal advantages outlined in the new investment law and facilitating access to economic real estate for project implementation.
The partnership between the Ministry of Culture and Arts and ABEF reflects a concerted effort to revitalize the Algerian cinematic landscape, fostering an environment conducive to sustainable growth and innovation within the creative sector.
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