Pinewood Indomina Studios receives $20m cash injection
The Dominican Republic’s first film and TV production facility, Pinewood Indomina Studios, has received a $20m cash injection to help develop the studio’s facilities and specialist training programmes.
The cash injection was provided by World Bank Group member International Finance Corporation (IFC) and it’s hoped it will generate more than 1,000 direct jobs and 600 indirect jobs over the next five years.
The state-of-the-art studio is a partnership between U.S. and Dominican Republic based producer and distributor Indomina and Pinewood Studios Group in the UK. Expected to open in June 2013 in its first stage of development, the 35 acre site will comprise 74,000 sq ft of sound stage space and an 8 acre water effects facility.
Indomina’s chief financial officer Antonio Gennari said: “Indomina's partnership with IFC is a key milestone in the company’s evolution. IFC’s financing enables us to invest in Pinewood Indomina Studios, the media park, and Indomina's film production, as well as execute top quality training initiatives for small and medium businesses that will provide services to the film and television industry.”
The studios are about 40 miles east of Santo Domingo, located in the beach town of Juan Dolio.