A new Youth Arts Interest Group Fund will be providing financial support to youth keen on pursuing their dreams in the performing arts, beginning this year.

Deputy Prime Minister Teo Chee Hean announced the new funding scheme, which will be administered by the North East Community Development Council (CDC), at a youth-organised dance competition held at Downtown East on Saturday.

Mr Teo, who attended the event, is also the adviser to Pasir Ris-Punggol grassroots organisations.

All Singaporeans aged between 13 and 35 are eligible to apply for funding. They stand to receive up to $2,000 annually from the North East CDC for every group of eight.

Interested individuals can either sign up with their friends to form a group of eight, or apply on their own and wait to be grouped with other peers.

Fund recipients will be selected through auditions, and must show that they can commit to at least a monthly performance-related activity, said a North East CDC spokesman, adding that the money provided will come from the council's grassroots outreach fund.