The Industrial Development Corporation (IDC), the government-owned development financing group, says it will continue to be actively involved in facilitating the co-production of films in South Africa, and opportunities for further black economic empowerment (BEE) in the industry were growing.
In its annual report for 2003, IDC chief executive officer (CEO) Khaya Ngqula said it had expanded its relatively small portfolio in the area of media and motion pictures by about R130-million for the year to end-June 2003, investing in 16 different transactions during the period. This compared to R209-million in financing in 2002.
Highlights of the IDC’s financing included the completion of two major IDC-backed feature films: Stander, produced with the Seven Arts production company, and Country of My Skull, staring Samuel L. Jackson and Juliet Binoche and directed by well known director John Boorman. The IDC had also provided finance for the production of four documentaries: African Solutions (featuring pioneering engineering and scientific solutions out of Africa) that premiered on SABC3; Chris Barnard; Sophiatown; and Cosmic Africa.
Ngqula said the country’s film industry had experienced increased activity over the year as South Africa became a preferred destination for motion picture production. This situation was expected to continue, thanks to the country’s lower costs and higher production values.
“The sector exhibits good investment potential that is driven by international market interests and the gradual change in the domestic legislative environment. The IDC’s media and motion picture strategic business unit (SBU) has established the appropriate business network to leverage any business opportunities geared towards the international markets.”
Ngqula said that the introduction of both the envisaged industry charters for empowerment and the proposed Media Diversity Bill was expected to open up opportunities in media assets held within conglomerates to help facilitate black economic empowerment. This, together with the move by the media and communications regulator, Icasa, to review certain regulations, would create opportunities for empowerment facilitation by the IDC.
The IDC’s SBU facilitates financing in the business areas of: publishing of books, newspapers, recorded media or any other print media; printing and reproduction of published materials and recorded media; radio and television programming and studios; and production of motion pictures, including feature films, documentaries and television series of any genre, as well as the development and printing of films and videos. – I-Net Bridge