A finance scheme to help small states diversify their economy has been launched on Tuesday at the ongoing Commonwealth Heads of Government Meeting (CHOGM) in London.
At the summit, a $5 million capital was earmarked to kick-start the scheme by India, Sri Lanka, Mauritius and Malta.
The scheme, called the Commonwealth Small States Trade Finance Facility, will be managed by the Standard Chartered Bank and the Bank of Baroda.
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Patricia Scotland, the Commonwealth Secretary-General, said of the scheme: “This new scheme is an example of the innovative and collaborative approaches that are pioneered by the Commonwealth; they have a hugely positive impact on the lives and livelihoods of people in our smaller and more vulnerable member countries.
“Without such a scheme, small states find it difficult to access the funds they need to diversify their economies and build inclusive prosperity by expanding trade. This impairs their ability to achieve the Sustainable Development Goals.”