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Industry invited to apply for EC cash.

Music Week

| February 03, 2001 | COPYRIGHT 2001 UBM Information Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

The European Commission is inviting music industry companies to apply for financing from two new funds launched to support ventures in the audio and audio visual sectors.

Speaking at a panel jointly hosted by the EC and European indie body Impala, Jean-Michel Baer, who is director of Audiovisual policy at the EC, outlined details of the funds, that were unveiled at the end of last year. The first is a 500m [European Dollar] fund devoted to the audio-visual industries and established by the European Investment Bank. In addition, a 50m [European Dollar] venture capital fund has been established based in Helsinki with the intention of supporting the European content industries.

Impala secretary general Philippe Kern says that the launch of such funds is an important breakthrough, even though much of the money could be earmarked for the film industry. "Initially the EIB leant ...

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