Obama Launches Global Tech Fund

The White House on Friday invited private equity fund managers to submit proposals for the establishment of a fund that will invest in technology access in countries with large Muslim populations.

The so-called Global Technology and Innovation Fund fulfills a promise Obama made during his June remarks in Cairo on America's relationship with Muslim communities worldwide.

"We will launch a new fund to support technological development in Muslim-majority countries, and to help transfer ideas to the marketplace so they can create more jobs," he said at the time.

The administration will finance between $25 million and $150 million in capital for each fund selected. The funds will focus on, among other tech markets, IT, healthcare and telecommunications to benefit countries throughout Asia, the Middle East, and Africa.

"Examples of financed projects could include . . . strategies that promote the adoption of technology and new media for applications in education, and business and financial services," the call for submissions states. Deadline for proposals is Nov. 30.