Crown Princess Victoria of Sweden and Prince Daniel have announced the establishment of a royal foundation in their daughter's name to 'promote cultural activities' and celebrate art.

Princess Estelle's Cultural Foundation, named after the seven-year-old who is second-in-line to the throne, will 'emphasise the importance of art and culture to an open and modern society'.

The foundation, which was established last year, was unveiled on by the Swedish Royal Family's official Instagram account.

'Today, the formation of a new royal foundation is announced: Princess Estelle's Cultural Foundation', the statement read. 'The purpose of the foundation is to promote cultural activities in Sweden.' ⠀⠀⠀

Princess Estelle's Cultural Foundation, named after the seven-year-old who is second-in-line to the throne, will 'emphasise the importance of art and culture to an open and modern society'

'With the initiative, the Crown Princess couple wants to emphasise the importance of art and culture to an open and modern society. ⠀⠀⠀⠀⠀⠀⠀⠀

'The initial focus of the foundation is to continue the temporary sculpture exhibition project at Royal Djurgården during the summer of 2020', an annual outdoor exhibition that champions Swedish artists.

The announcement added that the foundation's first project is 'part of the quest to make contemporary art accessible to a wide audience'.

Princess Estelle is the older child and only daughter of Princess Victoria and Prince Daniel, who are also parents to three-year-old Prince Oscar.

The Princess Estelle Cultural Foundation will be chaired by Johan Ericsson, with Prince Daniel on the board alongside Elin Annwall, the director of operations at The Crown Princess Couple's Foundation; Lena Josefsson, chairman of the Friends of the Modern Museum; and Staffan Larsson, governor of the Court at the Royal Palace.

The announcement confirmed the foundation's first project is 'part of the quest to make contemporary art accessible to a wide audience' (Pictured: Crown Princess Victoria, Prince Daniel, Princess Estelle and Prince Oscar)

In a press release, business manager of the foundation Sara Sandström Nilsson said: 'We want to make contemporary art available and to present sculpture at Djurgården is ideal from an introductory and interesting perspective.

'It is an open space that is easy to visit, no entrance fees are charged and no prior knowledge is required. The hope is that the art experiences will lead to many unexpected conversations and generally increased curiosity for culture'.

According to Royal Central, the Princess Victoria and Prince Daniel hope to promote cultural life in Sweden and 'actualise this and show long-term ambitions through the creation of Princess Estelle’s Cultural Foundation'.

The foundation, which was established last year, was unveiled in an Instagram post on the official Swedish Royal account earlier today (pictured)

The activities of the Cultural Foundation will be financed through private donations, the Royal Court confirmed.

The young princess, who turns eight later this month, recently hit the headlines when she broke her leg in a skiing accident in early January.

She fractured her limb in an accident on January 2 while her family was celebrating the New Year.

Her mother missed the funeral of her friend Ari Behn, the ex-husband of Princess Martha Louise of Norway, to stay with Estelle while she recovered.