Mubasher: Japan’s SoftBank has launched $5 billion fund to support tech start-ups across Latin American countries.

Named SoftBank Innovation Fund, the new fund will be led by US’ Sprint CEO Marcelo Claure.

Softbank has allocated $2 billion to the new fund, the CNBC reported on Thursday.

"Latin America is on the cusp of becoming one of the most important economic regions in the world, and we anticipate significant growth in the decades ahead," SoftBank’s chairman Masayoshi Son stated.

SoftBank Innovation Fund is aimed at investing in many sectors including e-commerce, health care, and digital financial services.

"The SoftBank Innovation Fund will become a major investor in transformative Latin American companies that are poised to redefine their industries and create new economic opportunities for millions of people,” Claure said.