CYBERJAYA: Prime Minister Datuk Seri Najib Razak today announced the setting up of Cyberjaya Innovation Fund for the Future (CIFF).
The fund, aimed at supporting inventions and innovations towards developing Cyberjaya as a smart city, would be managed by Cyberview Sdn Bhd.
"This is a unique geo-centric fund for entrepreneurs, startups as well as local and international small-medium enterprises," he said at the 20th anniversary celebration of Cyberjaya.
With a commitment of the RM100 million by the Finance Ministry; to be disbursed by Cyberview over the 10 years beginning 2018, the fund will be channelled through a co-investment model for innovation and smart city related projects located in Cyberjaya and driven either by local or foreign partners.
Meanwhile, Treasury secretary-general Tan Sri Dr Mohd Irwan Serigar Abdullah Irwan said the prime minister was excited by CIFF when it was brought to his attention last night and wanted it to be announced today.
"This initial fund of RM100 million will also help new inventions to reach the market and if needed, we can consider to add more into the fund." he said.