AMSTERDAM, Netherlands, July 13 (UPI) -- The European Commission has approved two funding schemes that will help underwrite filmmakers in the Netherlands.
The Dutch funds, with an annual budget of $37 million, will be distributed as direct grants, which must be less than 50 percent of the movie's budget, Variety reported Friday.
"The commission is satisfied that the new Dutch film funds comply with European Union state aid rules," EC Competition Commissioner Neelie Kroes said in a statement. "Thanks to the cooperation of the Dutch authorities, we were able to approve these schemes, which aim to produce and release high quality Dutch films, quickly."
To be eligible for funding, pictures must meet three of seven requirements covering location, screenplay, characters and overall theme.