The Cabinet on Wednesday announced its decision to extend the ‘Olivewood’ film production scheme for another three years.
In statements after a Council of Ministers meeting, at the Presidential Palace, Finance Minister Makis Keravnos said that the government, taking into account the cost and benefit of the scheme for the audiovisual industry, has decided to extend it, for another three years, and to increase the cost reimbursement rate from 40% to 45%.
Keravnos stressed that significant benefits have been recorded through the scheme and that the number of Cypriots employed in the cultural sector has increased.
He also said that the Republic of Cyprus had a total cost of €1 million, but had a total benefit from this project of €5.5 million, noting that this was why it was decided to extend it for another three years and increase the rate of reimbursement of costs from 40% to 45%.
Olivewood is directed at boosting investment and employment in the film, documentary, and television production industries.
Read more:
‘Olivewood’ movie industry incentive seems to have failed, MPs hear