Danis Tanovic, the renowned Bosnian film director won the 2014 European Union's Prix MEDIA, an award under the EU's MEDIA program, according to the EU's press release Wednesday.

Tanovic will receive the award from Androulla Vassiliou, the European Commissioner responsible for culture, during a ceremony at the Cannes Film Festival in France on Saturday.

The director shares the award with co-scriptwriter Predrag Kojovic and producer Amra Baksic Camo for "What Are You Looking At", a story he describes as being "about a city in an indefinitely prolonged post-war period, without heroes and with its values hijacked by corruption and crime."

Tanovic won an Oscar for best foreign language film in 2001 with "No Man's Land". His 2013 film, "An Episode in the Life of an Iron Picker", won two Silver Bears, for film and Best Actor, in Berlin International Film Festival this year.

The EU's Prix MEDIA is awarded to the project with the best box-office potential submitted for development funding from the EU's MEDIA program.

Since 1991, MEDIA has invested 1.7 billion euros (2.3 billion U.S. dollars) in film development, distribution, training and innovation with the aim of enhancing the diversity and international competitiveness of the European film and audiovisual industry.