Andy Vajna said the new fund will have a five-member panel of experts.
Hungary’s new national film body plans to support up to 10 local productions a year beginning in 2012.
Hungarian-born Hollywood producer Andrew Vajna will head the Hungarian National Film Fund (MNFA), a state-owned limited company which will be responsible for financing and marketing local films.
Hungary’s 20% production rebate remains in place.
The MNFA will award funding based on the decisions of a five-member panel of experts yet to be named. Vajna said the panel would begin reading scripts at the end of May.
Individual projects can receive up to HUF 150m (about $840,000) or up to half their budget. In certain cases producers can receive bonus support of up to 90% of their budget on the condition they share revenues with the MNFA.
Vajna said MNFA had HUF 2bn ($11.2m) for 2011, part of which would go toward paying off debts incurred by the Hungarian Motion Picture Public Foundation (MMKA). The Hungarian government dissolved the MMKA last week. Vajna anticipates the MNFA will be able to finance up to four productions this year.
The former MMKA used to invest about HUF 6bn per year, so the funding is unlikely to return to its former levels anytime soon.