US Fund to Boost Technology in Muslim Countries

In a speech in Egypt this past June, President Obama's vowed to help the Muslim world advance its technological development. Speaking from Cairo, the president said that, "On science and technology, 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 jobs."

Well, that fund has arrived. The US has just launched the Global Technology and Innovation Fund (GTIF) that will facilitate private sector investment and encourage the development of technology in Muslim-majority countries, according to SciDevNet.

Created by the US Overseas Private Investment Corporation (OPIC), the fund will provide $25 to $150 million for tech projects in countries of the Organisation of the Islamic Conference. Applications for grants are being accepted until the end of November, and funding will be announced next June. OPIC will support up to one-third of proposed projects, with the remainder of the funding coming from local private investors.

The fund is part of a larger effort by Mr. Obama to repair relations between the US and the Muslim world. "Americans are ready to join with citizens and governments; community organizations, religious leaders, and businesses in Muslim communities around the world to help our people pursue a better life," he said in his speech.

Photo courtesy of chrisschuepp, via Flickr