Malala, 15, announced the fund's first project in a video message late Thursday to the Women in the World Conference in New York from Britain, where she was sent for surgery after the attack on her schoolbus last October.
She said the $45,000 grant, raised with the help of Jolie and two women's charities, would send 40 girls aged between five and 12 to school in Swat Valley, where she is from.
"Announcing the first grant of the Malala Fund is the happiest moment in my life," Malala said.
"Let us turn the education of 40 girls into 40 million girls."
The location and name of the project will not be released for security reasons, the Malala Fund said.
It will provide a safe place to study as well as financial support for the families of the girls, who the fund said would otherwise be engaged in domestic labour or possibly sent to work.
Jolie, who introduced Malala's video message, hailed the schoolgirl's courage and pledged to give $200,000 to the fund.
"In a brutal attempt to silence her voice, it grew louder," Jolie told the conference.
Malala, who has been nominated for this year's Nobel Peace Prize, first rose to prominence aged 11 with a blog for the BBC's Urdu service charting her life under the Taliban.
Her attempted murder sparked worldwide condemnation and millions of people have signed petitions supporting her cause.
She had surgery in February to repair the hole in her skull left by the gunman's bullet, and returned to school last month in Birmingham, the city in central England where she was treated.
Malala's father has taken a job as an education attache at the Pakistani consulate in the city, which has a large Pakistani community.
COMMENTS (13)
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GOD bless you,malala.
But how can the ghairat brigade accept amrican money!!!
May Allah bless Malala and all girls who are striving to better themselves and their nations,
@Ali S: I pray to Allah, to let you go through same situation too, as Malalaa and her family went..
Wow, what global attention! Total hoax.
Soon I see her getting a Hollywood or Bollywood offer..................
Malala deserves all the attention she is getting. Allah is blessing her for standing up against tyranny when most of the Pakistanis hide and try to save themselves.
Malala is now rubbing shoulders with celebrities, attending a top private school in the UK, her family is there with her and her dad has a job at the Pakistani embassy. Talk about blessing in disguise.
Talk about rags to riches faster than a speeding Taliban bullet !!
I did not know swat is that backward and talibanized area i have seen these peoples in karachi more progressive than other pukhtoons. well good to go Malala god bless and help u and i think u can open a college with this money.
Burn talibans burn.
It is great to see her doing well. She continues to set an example for girls around the world. We commend her bravery and wish her best of luck.
Ali Khan
Its good deed but $45 thousand for eduction of 40 girls in Swat between ages of 5 and 12 , isn't education supposed to be free for that age group In in Pakistan?