Obama offers millions in religion-based technology fund

The White House said the US Overseas Private Investment Corporation (OPIC) had issued a call for proposals for the fund, which will provide financing of between 25 and 150 million dollars for selected projects and funds.

The Global Technology and Innovation Fund will "catalyze and facilitate private sector investments" throughout Asia, the Middle East and Africa, the White House said in a statement.

Eligible projects would advance economic opportunity and create jobs in areas like technology, education, telecoms, media, business services and clean technology, the White House said.

OPIC said sample projects could help foster the development of new computer technology or telecommunications businesses, or widen access to broadband Internet services.

Proposals must be submitted by the end of November, and managers of funds that make a final short list will make presentations in Washington in January.

Final selections will be announced next June.

In his speech to the Muslim world in Cairo last June, Obama argued that "education and innovation will be the currency of the 21st century" and that under-investment was rife in many Muslim nations.

As well as the fund, Obama also said he will host a summit on entrepreneurship this year to deepen ties between business leaders in the United States and Muslim communities around the world.

In his speech on June 4, Obama vowed to forge a "new beginning" for Islam and America, promising to purge years of "suspicion and discord."

In what may be one of the defining moments of his presidency, Obama laid out a new blueprint for US Middle East policy, pledged to end mistrust, forge a state for Palestinians and defuse a nuclear showdown with Iran.