With a five-tier plan and an amount that comes up to $33.5 million U.S. dollars and joined by contemporaries Derek Yee and Peter Chan Ho-sun, leading Hong Kong director Wong Kar-wai is on a quest to boost the region’s movie industry.

The film industry has been severely affected by the political unrest that has taken a hold of the global media and, of course, the coronavirus pandemic which has led to lockdowns and erosion of an already staggering global economy.

According to Indiewire, the directors are planning to pair up with a couple of promising filmmakers and make a movie using $1.2 million. With the help of directors Gordon Chan, Mabel Cheung, and Alex Law, they also aim to turn out 10 to 12 projects altogether.

Besides this, around $1.05 million will be used to fund a screenwriting program that aims at producing 40 scripts. Via the Film Production Financing Scheme, the government will also be stepping up its funding towards the projects and encourage investors to offer co-financing, reports Indiewire.