White House Announces Global Technology and Innovation Fund
During his speech in Cairo on June 4, the President 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.
More information is available at: http://www.opic.gov/investment-funds/calls-for-proposals/global-technology-innovation-fund/.