Bill Gates' charitable foundation is putting up $10 million to fund ideas aimed at improving education and eradicating poverty, among other causes.

On Tuesday, the Bill and Melinda Gates Foundation announced a partnership with the MiSK Foundation, a non-profit philanthropic organization established by Saudi Crown Prince Mohammad bin Salman.

The MiSK Grand Challenges initiative will fund 100 "innovators" with $100,000 each. Ideas must be submitted around two themes: education and global citizenship.

A series of "grand challenges" will be launched over a three-year period around the two topics.

The charity is looking for "innovative solutions to challenges facing education systems." And it's also looking at ideas to help deliver on the "Global Goals for Sustainable Development" such as reducing poverty and making sure everyone has access to clean water.

Those who get funding will gain access to experts and key people to help them develop their proof of concepts into real initiatives. After this, successful applicants can also apply for further funding.

"The MiSK Grand Challenges will incentivize more of the brightest minds around the world to find the best ideas to solve some of the toughest development challenges," Gates said in a press release on Tuesday.