The Turing scheme will provide funding for around 35,000 students in universities, colleges and schools to go on placements and exchanges overseas, starting in September 2021.
The new programme will provide similar opportunities for students to study and work abroad as the Erasmus+ programme but it will include countries across the world, and will also target students from disadvantaged backgrounds and areas which did not previously have many students benefiting from Erasmus+.
Education Secretary Gavin Williamson said:
"We now have the chance to expand opportunities to study abroad and see more students from all backgrounds benefit from the experience.
"We have designed a truly international scheme which is focused on our priorities, delivers real value for money and forms an important part of our promise to level up the United Kingdom.
"These opportunities will benefit both our students and our employers, as well as strengthening our ties with partners across the world."
UK organisations will be invited to bid into the scheme in early 2021. Successful applications will receive funding for administering the scheme and students taking part will receive grants to help them with the costs of their international experience.
Universities, colleges and schools are encouraged to begin preparation with international partners as soon as possible.
Further details on the application process will be updated when the guidance is published.