Twenty six finance officials and ’future leaders’ from small countries are preparing to travel to the island to take part in a pioneering training programme.

The 16 women and 10 men have been picked from more than50 applicants.

They will be travelling thousands of miles from nations such as Papua New Guinea, Tuvalu and Botswana.

But it will be a participant from the Cook Islands who will be logging the most air miles, some 9.813 miles of them.

The 11th Small Countries Financial Management Programme gets under way in the island on July 1.

The first part of the programme, from July 1 to July 6, will be based in the island before everyone moves to Oxford for the second stage from July 7 to July 12.

Mark Shimmin, MBE, has been executive director for five years. He was previously the government’s chief financialofficer.

He told Business News: ’Our programme manager, Elaine Moretta, has been working hard on all the arrangements for this year’s programme.

’We are once again looking forward to an intensive two week programme with what I am confident will be a group of highly motivated and enthusiastic professionals from around the world.’

Some 24 countries are represented at this year’s event which will include training at the Nunnery and Fort Anne inDouglas.

As it stands nine of the group will be from the Caribbean, seven from countries in the Pacific region and 10 from the Africa/Indian Ocean and the rest of the world which includes the Balkan state Montenegro.

Eleven of those taking part work in central banks in their home countries, seven are employed on regulatory bodies and eight have jobs in ministries of finance.

One of the many highlights is always a reception with the Lieutenant Governor at Government House.

Sir Richard Gozney is a keen supporter of the scheme and he has told previous gatherings that his experiences as a diplomat in various countries had given him ’a sense of the challenges you face’.

Mr Shimmin said Sir Richard has been ’very positive about the value of the programme to the island and to the participants and their countries.’

The gathering at Government House is always a great chance for the group to meet members of the business community and politicians.

Mr Shimmin said the programme helps develop future leaders and was supporting the growth and prosperity of small countries.

Earlier this year it was announced that David Doyle CBE, of Cains, the former First Deemster, has joined the Small Countries Financial Management Centre as a director.

The centre is the island charity that organises the event.

Mr Shimmin said: ’David has been an active and valued supporter of the centre and its work for many years and we are extremely pleased that he has agreed to become a director of the charity.

His experience and expertise will be invaluable’.

The board also includes Tim Cullen, who was Mr Shimmin’s predecessor.

A central plan for funding of the scheme is £300,000 annually from the government. Mr Shimmin said the current administration has made a commitment to this.

He said: ’The current administration gave a commitment to fund at the same level of £300,000 a year for the life of this house which has given us a degree of security in terms of planning ahead.’

Mr Shimmin told Business News he enjoys his role and said: ’It’s very important in its own way, to both the individuals from the countries concerned and the island as well.

’It is an important element of showing organisations and people externally that the island is making a positive contribution to the development of small countries.

’This is through an area that is important in terms of seeking to build the capacity and the ability of these countries to run themselves better.’

This year’s programme coincides with the Tynwald celebrations and Mr Shimmin said it was hoped the group could enjoy some aspectof the island’s national day although details have yet to be sorted out.

One of the aims has always been to look at small countries and their handling of global challenges such as regulatory and compliance issues.

The programme will broadly follow previous schemes but this year there will be theintroduction of a new session on Fintech (Financial Technology).

Renier Lemmens, visiting professor of Fintech and Innovation at the London Institute of Banking and Finance (LIBF) will be lending his expertise.

The delegates are issued with lots of advice and notes before they travel to the island. They are always advised to bring some warm clothing - just in case.