A new scholarship for disadvantaged young people living in Northern Ireland to study in the US has been launched by Hillary and Bill Clinton with more than £500,000 in funding.

The fund was launched as part of a conference held at Queen’s University Belfast commemorating the 25th anniversary of the Good Friday Agreement.

Ms Clinton, the Queen’s chancellor, former US secretary of state and Democratic presidential candidate, and her husband, the former US president, were in Northern Ireland’s capital to mark the launch of the Clinton Scholarship Fund, which will support US study opportunities for economically or socially disadvantaged local Queen’s students.

Ian Greer, president and vice-chancellor of Queen’s, said it was an honour to name the scholarships after two figures “who have played a significant role in promoting positive change in Northern Ireland and who continue to support international connections with Queen’s and Northern Ireland”.

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A fundraising dinner held during the three-day conference generated £290,000 in funding, while a further £250,000 was donated by an individual the university described as “a supporter of the university with a long-standing commitment to education in Northern Ireland”.

A spokesperson for Queen’s said the fund would support students who would otherwise be unable to access those opportunities and “provide them with life-changing experiences and learning”, as part of Queen’s Widening Participation programmes.

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The fund has been set up to enable participating students to experience study programmes that will broaden their horizons and deliver wider opportunities.

“The incredible generosity of those attending the dinner and the donor will make a huge difference to the lives of many disadvantaged young people in Northern Ireland,” said Professor Greer.

“The scholarship fund will have a significant impact on the future of many young people. Indeed, the long-standing impact of the scholarship fund and the conference itself is incalculable.”

Professor Greer said it was important that local students who might not typically have access to international study were given the same opportunity to participate as others.

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“This principle is at the very core of the Clinton Scholarship Fund: providing opportunities, making real connections and working together to build something bigger,” he added.

The fund was welcomed by the UK government, with Chris Heaton-Harris, secretary of state for Northern Ireland, tweeting that it was “fantastic to see the official launch of the Clinton Scholarship Fund”.

patrick.jack@timeshighereducation.com