Obama issues entrepreneurship fund update

WASHINGTON, April 26 (UPI) -- U.S. President Barack Obama said Monday a global technology development fund he announced last year will soon "mobilize more than $2 billion in investments."

Speaking at a summit on entrepreneurship in Washington, Obama told an audience of officials and entrepreneurs from almost 60 countries that entrepreneurs the world over have a common belief "that we are all bound together by certain common aspirations."

"To live with dignity. To get an education. To live healthy lives. Maybe to start a business, without having to pay a bribe to anybody," the president said. "To speak freely and have a say in how we are governed. To live in peace and security and to give our children a better future."

Obama said he went to Cairo last year and "called called for a new beginning between the United States and Muslim communities ... based on mutual interest and mutual respect" because both sides "too often fell victim to mutual mistrust."

He said Monday the Global Technology and Innovation Fund that was announced in Cairo is ready to start funding projects.

"And tonight, I can report that the Global Technology and Innovation Fund that I announced in Cairo will potentially mobilize more than $2 billion in investments," Obama said. "This is private capital, and it will unlock new opportunities for people across our countries in sectors like telecommunications, healthcare, education and infrastructure."

The president announced the next entrepreneurship conference will be held next year in Turkey.