Bob Geldof at Nelson Mandela birthday dinner held in Hyde Park. London, England - 25.06.08

The philanthropic pair hopes the project will provide more access to schools for 1.2 million children in Malawi and Rwanda.

The funds are expected to pay for the building of four new training centres and 4,000 teachers to help give African kids a better start in life.

Clinton says, "We are trying to make a hole in the huge need Rwanda and Malawi have for primary teachers."

Geldof adds, "It's what Live 8 was all about."

The former Boomtown Rats star organised a series of Live 8 benefit concerts in 2005 to help draw attention to poverty in Africa.

Source: WENN