An agreement has been signed between the Centenary Fund and the Saudi Credit and Savings Bank to approve 16 projects worth SR3 million as part of a strategic partnership between the two financing and employment supporting agencies.

The credit bank will be the principal financier for the projects, which are the first series of projects for those who completed the 'How will you establish your project' program. Loans will be provided to those who completed 60 hours of the program of training on the technical, financial and marketing aspects of launching a small establishment.

An applicant for the loan should be a citizen not less than 21 years of age. The project should be financed by the credit bank, economically viable and its capital not exceeding SR300,000.

The Centenary Fund aims at providing employment opportunities to Saudi youth by encouraging them to open free business while the fund assists entrepreneurs with training, smoothening the procedure to setup a business in collaboration with the Saudi Arabian General Investment Authority.

The fund has signed a number of memorandums of understanding with national and international establishments to create a suitable environment to new entrepreneurs.