U.S. to set up Global Technology and Innovation Fund

Zimbabwe Star Saturday 24th October, 2009

During his speech in Cairo on June 4, U.S. President Barack Obama announced that the United States would “launch a new fund to support technological development in Muslim-majority countries.”

As the latest step in delivering on this commitment, the Overseas Private Investment Corporation announced this week a call for proposals for a Global Technology and Innovation Fund. This fund will help catalyze and facilitate private sector investments that promote access to and growth of technology in OPIC-eligible countries throughout Asia, the Middle East, and Africa. OPIC will provide financing ranging between $25 million and $150 million in total capital for each selected fund.

The Global Technology and Innovation Fund is part of an on-going U.S. government effort to expand partnerships that advance economic opportunity and job creation - including in Muslim-majority countries. Specifically, the sectors of interest for prospective funds may address issues that can have a transformational impact in these regions such as technology, education, telecom, media, business services and financial technology and clean-tech.