A $200 million scholarship fund has been created by wealthy businessmen Ted Forstmann and John Walton to provide 50,000 children with the opportunity to attend private or parochial schools, MSNBC reports.

Forstmann, a venture capitalist and chairman of Gulfstream Aerospace, and Walton, a heir to the Wal-Mart fortune, will contribute $100 million to the fund, with the remaining coming from donors across the nation.

By providing a private education to students, the Children's Scholarship Fund will compete with public schools and give public educators the incentive to improve their school systems, Forstmann says.

President Clinton issued a statement in support of the fund, saying it will help "widen the circle of educational opportunity" for disadvantaged children.