RTVE and ICO renew their alliance to boost financing for Spanish audiovisual production

The president of Official Credit Institute (ICO), José Carlos García de Quevedo Ruiz, and the president of RTVE, José Manuel Pérez Tornero, have renewed the alliance between both institutions with the focus on “promoting the Spanish audiovisual sector.”

With the agreement, which will have a initial validity of four years, both organizations seek to provide the industry with a “complementary means of financing”, especially in relation to the transfer to RTVE of the public communication rights of newly produced audiovisual works.

In this way, the ICO will open a financing line para el fomento de la producción de largometrajes y cortometrajes cinematográficos, películas y series para televisión, y documentales, así como otras obras europeas a cuya financiación anticipada contribuya RTVE. Concretamente, el Instituto de Crédito Oficial destinará hasta 100 millones de euros a esta línea, and 33% más que con el convenio suscrito en 2018 por ambas entidades, con el objetivo de mejorar el acceso a la financiación de las empresas del sector, uno de los ejes estratégicos del plan “España, hub audiovisual de Europa”.

Desde 1995, RTVE y el ICO han firmado ocho convenios que han permitido respaldar 659 operaciones de productores españoles, for an amount of €329 million. In 2020 alone, the ICO has funded 23 of the 84 audiovisual productions whose rights have been transferred to RTVE, which represents 27% of the total. The activity carried out by the ICO within the scope of these agreements places it as a reference in the financing of the audiovisual sector.