The 83-year old Italian actress received the prize from minister Ingrid van Engelshoven of Culture. The film classic Una giornata particolare from 1977 with Loren and Marcello Mastroianni in the lead roles will be shown at the festival.
The award is presented to filmmakers or actors with special merits for the film industry. Previous winners include Morgan Freeman, Claudia Cardinale and Jan Decleir.
Film by the Sea started on Friday and lasts until next Sunday.