European Commission's new Creative Europe programme was approved by the European Parliament earlier this month. With a budget of €1.46 billion over the next seven years – 9% more than current levels – the programme will provide a boost for the cultural and creative sectors, which are a major source of jobs and growth. Creative Europe will provide funding for at least 250 000 artists and cultural professionals, 2 000 cinemas, 800 films and 4 500 book translations. It will also launch a new financial guarantee facility enabling small cultural and creative businesses to access up to €750 million in bank loans.

Welcoming today's vote, Androulla Vassiliou, European Commissioner for Education, Culture, Multilingualism and Youth, stated:

"This investment is great news for Europe's film industry, for culture and the arts, and for the public. Creative Europe will enable our dynamic cultural sectors to create new jobs and contribute more to the EU economy. It will enable thousands of talented artists to reach new audiences in Europe and beyond, while also promoting cultural and linguistic diversity. In addition to providing considerable levels of grant support, our guarantee facility will boost access to finance for hundreds of small companies."

Creative Europe builds on the experience and success of the Culture and MEDIA programmes, which have supported the cultural and audiovisual sectors for more than 20 years. The new programme includes a Culture sub-programme, supporting performing and visual arts, heritage and other areas, and a MEDIA sub-programme, which will provide funding for the cinema and audiovisual sector. A new cross-sectoral strand will support policy cooperation, transversal measures and the new financial guarantee facility, which will be operational from 2016.

The Creative Europe programme will be definitively adopted by the Council (28 Member States) in the weeks to come and will enter into force in January 2014.