The Centennial Fund (TCF) has provided more than 6,000 out of the 28,000 jobs targeted by 2020, said Abdulaziz Al-Mutairi, director general of the Fund.
The TCF chief said the volume of funding for a variety of projects to be implemented during the next period is about to reach the targeted fund in 2020, which is estimated at SR2.5 billion.
The TCF has recently signed a series of local and global deals aimed to support investment projects through the provision of trained and qualified cadres for innovative projects, he said.
The TCF was originally established in July 2004 to help young Saudi men and women achieve financial independence through helping them start their own businesses, notably in the area of small and medium-sized enterprises (SMEs).
The TCF chief said they have signed a deal with Saudi Credit and Savings Bank (SCSB) to act as major financier for SME projects. Other deals were signed with Wa’id Program to fund projects valued between SR300,000 and SR5 million, while I’mar Fund has promised to finance projects ranging between SR300,000 and SR500,000 at King Abdullah Economic City (KAEC), he said.
The TCF signed other deals with seven Saudi universities, including Imam, Hail, Jouf, Taibah, Qasim, the East College, to support the activities of the Centennial Valley at the KAEC. Other universities, such as Jizan and King Abdulaziz, are poised to join the Valley soon, he said.
The Centennial Valley was launched by the TCF in 2011 at KAEC aimed to shore up entrepreneurship and innovative business among the youths.
The TCF head said many international companies are teaming up with Centennial Valley such as Blackberry Academy, Microsoft and Intel to boost ecosystem and integrated applications.
The TCF has been acting as an intermediary by doing all procedural works including, among other things, conduction of feasibility studies, training and providing loans to young men and women in the Kingdom, the TCF Chief pointed out.
Centennial Fund provides 6,000 jobs
