A new scholarship program will provide $40-million in scholarships in its first five years for students in Canada and throughout the Commonwealth.

The program will award 1,500 scholarships over five years to Canadian grads and undergrads for internships or course work for anywhere from four months to one year in another Commonwealth country. The scholarship will also be available to students from Commonwealth countries to attend a Canadian university for up to two years for an M.A. or PhD.

Students will be eligible to apply for the new money, officially known as the Canadian Queen Elizabeth II Diamond Jubilee Scholarships, through universities.

Story continues below advertisement

"Access to knowledge and learning shape a country's future and advancement. As such, we have a duty to enable our youth to become engaged citizens and offer them fantastic opportunities to develop new skills and connect with others," said David Johnston, Governor-General of Canada.

The program was a collaboration between the Association of Universities and Colleges of Canada (AUCC), Community Foundations of Canada (CFC) and the Rideau Hall Foundation, with leadership from former prime minister Jean Chretien.