Hong Kong Film Guarantee Fund has approved its latest loan guarantee of 2.63 million HK dollars (US$340,000) to Mandarin Films Limited for its film project Dragon Tiger Gate.
With the guarantee, the films company was provided a facility of 5.25 million HK dollars by the Citic Ka Wah Bank Limited, according to HK government website on Tuesday.
It's the ninth approval since the fund was launched in April 2003. So far the total commitment of the Fund for film production projects has amounted to around 11.75 million HK dollars, it said.
The maximum loan guarantee for each film is 35 percent of the production budget or 2.63 million HK dollars.
All film production companies registered locally that have produced at least two films in the past 10 years for commercial release in Hong Kong before applying for guarantee under the scheme are eligible to apply for a guarantee.
(Xinhua News Agency October 12, 2005)
