New Delhi, India, June 9, 2023—IFC announced today that it is making a financial commitment of up to $75 million to DNEG, a world-leading visual entertainment services company, to help create opportunities for more high-skilled jobs in the Indian media and entertainment industry, including initiatives to increase the number of women employed in the sector.
Employment remains a key development challenge in India, and the technology, arts, entertainment, and recreation sectors—representing 1.3 percent of employment in the country—can help address this. Most of the financing will be used by the company's Indian subsidiary, DNEG India Media Services Ltd., to support its operations, sustain growth, and strengthen the integration of the film industry in the country. IFC will help DNEG focus on developing its cutting-edge VFX and animation services through investments in its technology and studio facilities, among others.
DNEG Chairman and CEO Namit Malhotra said: "With the backing of IFC, DNEG is investing in its cutting-edge services and supporting the creation of jobs that require advanced skills and training. DNEG is also adding to its commitment to redress the gender imbalance in our industry by creating even more opportunities for women, while also focusing on our wider ESG commitments by aligning with IFC's Performance Standards. I'm confident that this work will help to lead important change in our sector and make DNEG an even stronger partner to our clients around the world."
Since women in India have limited formal employment opportunities, especially in areas that are at the intersection of design and advanced technologies, IFC will help DNEG raise the number of female employees through gender advisory support. IFC will also provide guidance to help strengthen DNEG's corporate governance framework, while helping to align its Environmental and Social Management System with IFC's Performance Standards.
"The creative industries hold tremendous potential for driving economic and social development in emerging economies," said Makhtar Diop, IFC's Managing Director. "With digitalization connecting developing markets' economies to global markets, IFC's investment in cutting-edge digital content will boost the competitiveness of the visual effects and animation sectors in India and beyond and contribute to expanding opportunities for women in a male-dominated field."
The creative economy accounts for 3 percent of global GDP (gross domestic product) and is growing at 4 percent annually. In developing countries, the growth rate is even higher at 10 percent per year.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org.
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About DNEG
DNEG (www.dneg.com) is a world-leading visual entertainment services company for the creation of feature film, television, and multiplatform content. DNEG employs more than 11,500 people with worldwide offices and studios across North America, Europe, Asia, and Australia.
DNEG's critically acclaimed work has earned the company seven Academy Awards® for Best Visual Effects and numerous BAFTA and Primetime EMMY® Awards for its high-quality VFX work. Current and upcoming DNEG projects on behalf of its Hollywood and global studio and production company partners include The Flash (June 2023), Nimona (June 2023), Oppenheimer (July 2023), Haunted Mansion (July 2023), Meg 2: The Trench (August 2023), Dune: Part Two (November 2023), Aquaman and the Lost Kingdom (December 2023), Borderlands (2023), Garfield (February 2024), Mickey 17 (March 2024), and Furiosa (2024).
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