19 April 2018 12:29 am
In order to help the small states get access to global markets, Sri Lanka has pledged financial contribution to setup the Small States Trade Financial Facility, on the margins of the ongoing Commonwealth Heads of Government Meeting (CHOGM) in the United Kingdom.
Finance and Mass Media Minister Mangala Samaraweera signed this agreement on behalf of Sri Lanka.
Initiated at the CHOGM 2013 Summit in Colombo, the Commonwealth recognised the importance of trade finance for the development of small states and introduced this innovative blended finance support totalling US $ 5mn.
It is expected that the Commonwealth small states will have access to US $ 300 million of incremental trade finance over a three-year period, from this programme.
Sri Lanka’s pledge towards this scheme reflects its commitment towards espousing the values and spirit of this organisation in assisting the more vulnerable members in the Commonwealth to develop their economies, whose populations’ productive capacity and domestic markets are limited.
The other countries supporting this endeavour by pledging financial commitment were India, Mauritius and Malta.