Roger Corman of Concorde Films has teamed with Kieran Corrigan of Ireland's Merlin Films to launch a $10m drive into financing low-to-medium budget productions primarily from Europe, the partners announced on Thursday.

The duo have secured a $10m line of credit targeted at European co-productions with an element of principal photography or post production in Ireland. Preference will go to projects that are well advanced and use the Irish International Film Studios.

The maximum investment in any project will be 30% of the budget, although the partners are not funding development.

* A bi-lateral co-production agreement between Ireland and Germany was announced in Cannes yesterday, by John O'Donoghue, the Irish Minister for Arts, Sport and Tourism, and Dr Christina Weiss, the Federal Commissioner for Culture and Media in Germany. It is envisaged that the formal signature of the agreement could take place by the autumn.