Apple to create $1b fund to invest in hi-tech manufacturing in US
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Apple (NASDAQ: Apple [AAPL]) is launching a $1 billion fund to invest in advanced manufacturing companies in the US.

CEO Tim Cook told CNBC the company will reveal its first investment later this month.

Mr Cook also announced that Apple will bankroll programs to teach schoolchildren how to code and create apps as part of the tech firm's efforts to help bolster American jobs.

Apple grows revenue despite dip in iPhone sales
Apple grows revenue despite dip in iPhone sales

Apple came under fire during last year's presidential election for manufacturing most of its products in China.

But Mr Cook has taken on the accusations, saying that Apple has created 2 million jobs in the US, 80,000 at Apple and the rest at suppliers and software developers.

He added that Apple paid $50 billion to its US suppliers last year.

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The CEO's comments come as US lawmakers mull tweaking the tax system to allow multinationals like Apple to bring home large reserves of cash held overseas at a favourable rate.

Apple currently has $256.8 billion in cash, of which more than 93 percent is held outside the US.

However, Mr Cook did not reveal if Apple could be persuaded to bring some of its cash back to the US should the tax system be changed, although he hinted the company would like to.

"To invest in the United States, we have to borrow. This doesn't make sense on a broad basis. So I think the administration, you saw they're really getting this and want to bring this (cash) back. And I hope that comes to pass," he said.

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