Brazil Pledges $296 Million To Bolster National Film And TV Production

(MENAFN- Daily News Egypt) The Brazilian government has announced a R$1.6 billion ($296 million) investment to support the production of national films and television series.

The announcement was made by President Luiz Inacio Lula da Silva during National Cinema Day celebrations in Rio de Janeiro.

In addition to the funding, President Lula da Silva signed a decree reinforcing quotas for the screening of Brazilian films in cinemas until 2033. This law, which came into effect in January, aims to support and develop the national film industry. Compliance with the regulations will be monitored by a specialized agency, reports Brasil247, a partner of TV BRICS .

During the ceremony, the president emphasized the importance of investing in the arts, stating,“The arts are meant to educate and inspire people, that's why we invest in them.” He also highlighted the need to regulate streaming services and tax digital platforms.

In collaboration with the Ministry of Culture, a new credit line with an initial budget of R$400 million ($70 million) has been launched to support the audiovisual industry, specifically targeting companies with major projects.

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