To help small states get access to global markets, Sri Lanka pledged financial contribution to setup the Small States Trade Financial Facility yesterday at the Commonwealth Heads of Government Meeting in the United Kingdom.
Mangala Samaraweera, Minister of Finance & Mass Media signed this agreement on behalf of Sri Lanka. It is expected that Commonwealth Small States will have access to US $ 300m of incremental trade finance over a three year period from this programme. 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. As an anchor investor, Sri Lanka has donated more than USD 1.5 million towards this fund since 2015.
Sri Lanka’s pledge towards this scheme reflects our commitment towards espousing the values and the spirit of this organization 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 were India, Mauritius and Malta also by pledging financial commitment towards this initiative.
Samaraweera said that Sri Lanka’s pledge towards this scheme reflects its commitment towards espousing the values and the spirit of the organization in assisting the more vulnerable members in the Commonwealth to develop their economies.
The fund is aimed at states whose populations’ productive capacities and domestic markets are limited. Minister of Finance and Media Mangala Samaraweera signed the agreement for the fund on the sidelines of the ongoing Commonwealth Heads of Government Meeting in the United Kingdom.
“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 USD 5 million,” the statement said.
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