Crest Animation Secures $7 Million Loan From Exim Bank Of India

Indiantelevision.com: The lending industry is coming of age. Even when bollywood is trying to get bankers’ attention for funding, here is an animation company securing loan from a bank. Export-Import Bank of India (Exim Bank) is funding an animation film project. It has agreed to lend $7 million to Crest Animation Studios Ltd which has signed a three-picture co-production and co-financing agreement with Lions Gate Entertainment, says the report.
While $5 million will be to fund Crest Animation’s Indian outfit, Exim Bank is willing to sanction another $2 million in the US subsidiary company, RichCrest Animation. This is Exim Bank’s first exposure to animation film projects although it has funded a few Hindi movie projects which have a potential to earn foreign currency revenues in the overseas market.
Earlier Crest was planning to raise $12 million through FCCBs.
Related:
Crest Animation To Raise $12 Million Via FCCBs To Part Finance 3 Feature Films

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