Dom Rep studio gets $20m investment
Pinewood Indomina Studios in the Dominican Republic has received a $20m investment from World Bank Group member IFC.
IFC is helping to galvanise a $10m syndicated loan that would raise the value of the transaction to $30m.
The country’s first full-service film and television facility is expected to make a significant contribute to the local film industry. Sources said those involved in the studio expect to create more than 1,000 jobs and 600 indirect jobs among small and mid-sized suppliers over the next five years.
Indomina has also established a film training programme in the Dominican Republic in collaboration with international academic organisations that will offer training in technical areas including production, film accounting, set design and post-production. The country recently enacted film incentives.
“Indomina’s partnership with IFC is a key milestone in the company’s evolution,” said Indomina’s chief financial officer Antonio Gennari. “IFC’s financing enables us to invest in Pinewood Indomina Studios, the media park, and Indomina’s film production, as well as execute top quality training initiatives for small and medium businesses that will provide services to the film and television industry.”
“The film industry is a powerful driver of economic growth for many countries and, increasingly, for emerging markets,” said IFC’s country head for the Dominican Republic, Ary Naim. “With its diverse landscapes, good infrastructure and proximity to the United States, the Dominican Republic is well positioned to compete in this dynamic sector and capitalise on its benefits – from job creation to innovation and development.”
Pinewood Indomina Studios is located approximately 40 miles east of the capital of Santo Domingo and is expected to commence operations in 2013.
The initial phase is expected to be inaugurated in June and will include three state-of-the-art soundproof sound stages, a world-class 60,000 sq ft ocean-front water filming facility, and a range of supporting facilities such as offices and workshops.