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Singapore

MDA yet to recover S$3.5m worth of loans from projects

Information, Communications and the Arts Minister, Yaacob Ibrahim said MDA has yet to recover $3.5 million worth of loans from undelivered projects and will take measures to recover the loans.

SINGAPORE: The Media Development Authority (MDA) has yet to recover $3.5 million worth of loans from undelivered projects.

In a written reply to parliament on Monday, Information, Communications and the Arts Minister, Yaacob Ibrahim said MDA will take measures to recover the loans, including initiating legal proceedings.

Nominated MP Janice Koh had earlier asked how many government grants for film and television projects remain undelivered and what is the total amount of unrecovered loans to date.

Dr Yaacob explained that since 2003, MDA has co-invested a total of S$109 million with local industry to undertake a total of 253 projects in film and television.

This has generated an additional S$320 million of non-MDA funding, of which 67 per cent is from overseas.

The strategic outcomes expected, and achieved, are the building of the industry's portfolio and capabilities to co-produce high quality content with international as well as local appeal.

In addition, Dr Yaacob said these funding arrangements have conditions that directly benefit local industry in four ways: employment of local talent; additional investment; exposure to and transfer of best practices in international production; and a wider total market for content Singapore participates in making.

Source: CNA/fa

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