Cyprus to extend 'Olivewood' scheme for another three years

The decision to extend ‘Olivewood’, the scheme that aims to promote Cyprus as a filming location, for another three years, was announced on Wednesday, by Finance Minister, Makis Keravnos.

In statements after a Council of Ministers meeting, at the Presidential Palace, the Minister said that, the government, taking into account the cost and benefit of the scheme for the audiovisual industry, has decided to extend it, for another three years, and to increase the cost reimbursement rate from 40% to 45%.

Keravnos noted that, significant benefits have been recorded, since during the period of the scheme’s implementation the number of Cypriots employed in the cultural sector has increased.

He also said that the Republic of Cyprus had a total cost of €1 million, but had a total benefit from this project of €5.5 million, noting that this was why it was decided to extend it for another three years and increase the rate of reimbursement of costs from 40% to 45%.