MUMBAI: The Singapore government has earmarked a further US$37.8 million for a media development fund over the next five years. The money will be used mainly to boost content, capability, and market and digital media development.

Earlier, the Media Development Authority (MDA) had granted US$58.1 million for the Media 21 plan to develop the local media industry.

The Media 21 plan which was unveiled last July has only US$4.8 million invested in the project. So far, the MDA has financed 25 projects in TV, film and digital media.