IFC Will Contribute With USD$30 Billion to Local Film Industry

Santo Domingo

Pinewood Indomina announced the signing of a partnership with the IFC, the World Bank’s private sector entity, for the processing of a long-term financial transaction for film-related operations in the country, for a total of USD$30 million (RD$1,230Billion).

As explained by Indomina CFO, Antonio Gennari, the IFC will disburse directly the sum of USD$20 million and commits to coordinating parallel loans for an additional USD$10 million, which will be placed in the international commercial banking sector.

The executive highlighted that within the next five years, the D.R could produce around 50 international films that will generate direct and indirect revenue totaling no less than USD$40 billion, around 5,000 jobs and tax revenue collection close to RD$5 Billion.

The funds granted by the IFC are destined to developing he film studio operations in the Dominican Republic and training and development of technical as well as professional assets necessary for the consolidation of the inland film industry.

During its first phase, the studio development has translated in an investment of USD$70 million on infrastructure works, conformed by three sound-proof studios, climate-controlled, featuring state-of-the-art technology, offices and workshops, as well as a water tank for aquatic scene filming of more than 6,000 square meters, considered among the best structures of this nature worldwide, and unique in the Caribbean region.

About Indomina:

Indomina is a company in the Real State and Tourism portfolio of assets managed by VICINI.

The VICINI family has invested in different economic sectors in the Dominican Republic for over 140 years. VICINI is one of the companies that has contributed significantly to the development and industrialization of the country.

Source: Listin Diario

Indomina Receives RD$1,230 Billion Funding From the World Bank

SANTO DOMINGO. The International Finance Corporation (IFC), a World Bank institution for the private sector, signed a partnership with Indomina yesterday, via which it grants them funding for RD$1,230 million in order to develop the inland film industry.

The IFC announced the first investment for USD$20 million (around RD$820 million) for the development of the first phase of the INDOMINA film and television studio compound in the Dominican Republic. The new investment will contribute to the expansion and diversification of the Dominican economy, as well as with the creation of highly qualified jobs and new sources of tax revenue in the emerging media sector. Asides its direct investment, the IFC will help to mobilize resources coming from the international commercial banking sector for a value of USD$10 million, meaning the total value of the funding is USD$30 million, which represent the RD$1,230 million.

Details on the investment were provided yesterday during a press conference by Ary Naim, country head for the IFC in the D.R., Felipe Vicini, Chairman of the Indomina Board of Directors and Antonio Gennari, Financial Director for Indomna, whom pointed out that this projection will provide the nation with access to international productions locally, which will benefit in matters of tourism and economy overall, by the vast amount of Dominican technicians used in production development.

Jobs

The Dominican Republic enforced Film Law 108-2010 which introduces credit incentives for film productions, hence positioning the country within the global market as a highly competitive destination for audiovisual productions. Pinewood-Indomina Studios will offer integrated production and post-production services for regional and international film and television projects. The company executives hope the development, located in Juan Dolio and Guayacanes, will contribute within the next five years to creating more than 1,000 direct jobs and 600 indirect jobs among small and medium-sized suppliers.

Indomina Goals

Pinewood-Indomina, which would benefit from the IFC, is located some 40 miles from Santo Domingo and will enter operational phase this year, hoping that by 2018, the 20productions per year goal is exceeded. Ary Naim from the IFC, stated the film industry is a powerful vehicle for economic growth to many countries. He made reference that the country joined the IFC in 1961, this entity has loaned the Dominican private sector some USD$9,379 billion, including USD$292.6 million in loans. 

About Indomina:

Indomina is a company in the Real State and Tourism portfolio of assets managed by VICINI.

The VICINI family has invested in different economic sectors in the Dominican Republic for over 140 years. VICINI is one of the companies that has contributed significantly to the development and industrialization of the country.

Source: Diario Libre

Marina Receives Official Visit of Taiwanese Armada

Marina Receives Official Visit of Taiwanese Armada

The Naval Corps received yesterday the official visit of a Training Fleet for cadets of the Naval Academy of the Republic of China (Taiwan), composed by two frigates and one logistics supply vessel. This visit aims to strengthen the military relations between the Dominican Naval Corps and the Taiwanese Armada of the Republic of China, nations which have for a long time maintained close friendship ties, which have contributed significantly to strengthening training and members  from both militia; throughout exchange programs between both naval academies and higher learning institutions, respectively.

Exchange:

As part of this exchange between both militia, currently embarked are (4) members of the Dominican Marine Corps, including one officer recently graduated from the academy, whom is on board one of the units of the Taiwan Armada, doing his internship.

The Fleet will remain docked in Sans Soucí, until this coming Tuesday, and was open to the public since 10:30am, till 4:00pm yesterday.

About Sansouci:

Sansouci is a company in the Real State & Tourism portfolio of assets managed by VICINI.

The VICINI family has invested in different economic sectors in the Dominican Republic for over 140 years. VICINI is one of the companies that has contributed significantly to the development and industrialization of the country.

SOURCE: Listin Diario

Sans Souci Ports Sponsors Event With Cruise Line Executives

Sans Souci Ports Sponsors Event With Cruise Line Executives

Around 65 executive women from different cruise lines, ports, tour operators and destinations worldwide, rendezvoused to analyze and share experiences regarding the development of best practices in their respective work environments within the tourist industry.

One of the most notable points highlighted during the “Professional Women in Cruise” event was the importance of cultural diversity as a strategic management tool within the tourist sector.

The leaders maintained that each day the need become more visible concerning the pondering of cultural diversity and mental open- mindedness towards pluralizing with respects to human resources.

They argued that “differentiation is essential for creativity, which ensures and facilitates food business practices in the cruise industry”.

Sans Souci Port of Santo Domingo sponsored this event which featured Pamela Conover, director of Sea Dream Yacht Club, as principal speaker, and has worked in the cruise industry since 1994, occupying chair positions within important companies, an unprecedented achievement for a female executive in this sector.

Professional Women in Cruise, was developed during the trade show “Cruise Shipping Miami 2013”, an event that for almost three decades has been the main trade show and networking platform, as well as venue for international educational conferences within the field worldwide, which allow future opportunities of better business.

Sharon Mei, executive of Sans Souci-Port of Santo Domingo, highlighted the importance of this type of initiatives.

Sans Soucí Port, is a private multi-purpose port (cruise ships, cargo, events and ferry services), efficient and safe, service-oriented, and aimed towards environmental preservation and social commitment.

About Sansouci:

Sansouci is a company in the Real State & Tourism portfolio of assets managed by VICINI.

The VICINI family has invested in different economic sectors in the Dominican Republic for over 140 years. VICINI is one of the companies that has contributed significantly to the development and industrialization of the country.

SOURCE: Listin Diario

PUCMM and Progreso Sign Cooperation Agreement

The entities have agreed to implement a Professional Practices Programme so that students can enroll in internships at the bank. The agreement was signed by the Progreso CEO, Mark Silverman and Monsignor Agripino Núnez Collado, Chancellor of the PUCMM, aiming to promote intellectual as well as professional development among the students undertaking their majors. 

As established, the Bank will require the university the candidates on a per-need basis, selecting the students based on their meeting the working criteria requirements in their potential areas of insertion.

As a way to maintain an updated registry of all academic interns, the bank will provide a report on student performance.

The agreement is valid for 2yrs and open to extension should both parties decide not to rescind it. It has been stipulated the agreement is not exclusive, therefore the signees are not bound to any limitation in underwriting similar accords with other entities regarding internship programs. Silverman assured that Banco del Progreso is interested in making its contribution so that university students rely on the necessary guidance to merge knowledge and learning obtained in the labor environment.

“At Banco del Progreso we are committed to education and youth, because we understand that well educated young professionals can build an extraordinary future”, as was highlighted by Mr. Silverman. 

About Banco del Progreso:

Banco del Progreso is a company in the Financial Services portfolio of assets administered by VICINI. 

The VICINI family has invested in different economic sectors in the Dominican Republic for over 140 years VICINI is one of the companies that has contributed significantly to the development and industrialization of the country.

Source: El Caribe