Apple Inc. plans to create a $1 billion fund to invest in U.S. companies that perform advanced manufacturing, Chief Executive Officer Tim Cook said in a television interview.

The company will announce the fund's first investment later in May, Cook said during an interview on CNBC.

Tim Cook, Apple CEOApple plans to fund programs that could include teaching people how to write computer code to create apps. It plans to release more details about the effort this summer.

Reuters says that Apple is highlighting its U.S. presence as Congress considers a tax proposal that would let large companies like Apple bring back to the U.S. profits from overseas at lower tax rates. More than 90% of Apple's $256.8 billion cash is held overseas, the news agency says.

"To invest in the United States, we have to borrow," Cook said on CNBC. "This doesn't make sense on a broad basis. So I think the administration, you saw they're really getting this and want to bring this (cash) back. And I hope that comes to pass."