Kinoket Production to invest 3.5 million euros in reconstruction of ArmenFilm studio
21.03.2019,
16:53
Kinoket Production company will invest 3.5 million euros in the reconstruction of the ArmenFilm Studio in Yerevan, Armenian Minister of Economic Development and Investments Tigran Khachatryan told a Cabinet session today.
YEREVAN, March 21 /ARKA/. Kinoket Production company will invest 3.5 million euros in the reconstruction of the ArmenFilm Studio in Yerevan, Armenian Minister of Economic Development and Investments Tigran Khachatryan told a Cabinet session today.
The government decided today to lease part of the property of the film studio to Kinoket Production for the film production activities.
According to the minister, the company undertakes to invest 3.5 million euros in the improvement and creation of modern conditions for film production. Of that amount 2.5 million euros will used to repair and upgrade the studio's property. In addition, Kinoket Production will be paying a monthly rent of 800,000 drams for 15 years.
The acting Culture Minister Nazeni Gharibyan said the ministry is working on a project to modernize and restore the other part of the film studio and its possible reorganization into a new structure that will comprise the film center and the Hayk film studio.
ArmenFilm studio named after prominent Armenian film director Hamo Beknazaryan was founded in 1923 in Yerevan and was originally called Goskino. It received its present name in 1951.
In 2015 summer, the Armenian government took back the ArmenFilm studio, because its owners, Gerard Cafesjian and Bagrat Sargsyan, failed to make the investments promised for 10 years, and also did not fulfill their commitments to digitize the films.
In 2016, the Ministry of Culture drafted an investment program for the restoration of ArmenFilm, but it was not implemented and the studio was included in the list of companies that are to be privatized in 2017-2022 .-- 0—
The government decided today to lease part of the property of the film studio to Kinoket Production for the film production activities.
According to the minister, the company undertakes to invest 3.5 million euros in the improvement and creation of modern conditions for film production. Of that amount 2.5 million euros will used to repair and upgrade the studio's property. In addition, Kinoket Production will be paying a monthly rent of 800,000 drams for 15 years.
The acting Culture Minister Nazeni Gharibyan said the ministry is working on a project to modernize and restore the other part of the film studio and its possible reorganization into a new structure that will comprise the film center and the Hayk film studio.
ArmenFilm studio named after prominent Armenian film director Hamo Beknazaryan was founded in 1923 in Yerevan and was originally called Goskino. It received its present name in 1951.
In 2015 summer, the Armenian government took back the ArmenFilm studio, because its owners, Gerard Cafesjian and Bagrat Sargsyan, failed to make the investments promised for 10 years, and also did not fulfill their commitments to digitize the films.
In 2016, the Ministry of Culture drafted an investment program for the restoration of ArmenFilm, but it was not implemented and the studio was included in the list of companies that are to be privatized in 2017-2022 .-- 0—
