WASHINGTON -- President Barack Obama will announce a $250 million public-private partnership on Wednesday expanding a program to improve U.S. math and science education, the White House said.

The fund, which nearly doubles a $260 million initiative announced in November, involves universities, large corporations, foundations, non-profits and government agencies. It is intended to attract, develop and reward outstanding teachers in science, technology, engineering and mathematics.

One company, Intel Corp. and the Intel Foundation, said it would launch a 10-year, $200 million cash and in-kind campaign to support math and science teaching.

The United States is the world's biggest economy and its universities are considered world leaders, but it trails some Asian and European nations in educating children in math and science, fields considered essential for the U.S. competitiveness in the global economy.

(Reporting by Patricia Zengerle, editing by Philip Barbara)