Craig will also executive produce. Arclight Films is handling international sales and Buena Vista International has acquired UK rights.
The project will start shooting in South African and London from May 28.
Full details of how the selection will be announced and structured have yet to be revealed.
The event will now run August 20-30, shifting from its originally scheduled July 16-26 slot.
ACID is the first Cannes parallel section to officially announce its intention to unveil a 2020 selection.
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