Up to 20 students per year are to be given scholarships to study postgraduate courses at the University of Cambridge, under an initiative launched by the world-renowned British institution and City University of Hong Kong (CityU).

The funding, totalling HK$10 million per year, will enable the students to do a one-year, full-time master's programme at Lucy Cavendish College, one of the largest constituent colleges of Cambridge.

"The aim is to have our students, graduates going for this course, to stay at Lucy Cavendish [College] and become a graduate for the world," said CityU president Freddy Boey on Thursday.

"This programme does not require them to come back to Hong Kong, but I'm pretty sure, as graduate alumni of this special programme, they will do us proud anywhere in the world."

The programme, which will initially run for five years, will also accept applications from other students if the slots are not filled up by CityU graduates.

Madeleine Atkins, president of Lucy Cavendish College, said graduates of all disciplines are welcome, adding that Hong Kong students are "highly competitive candidates" for master's courses at Cambridge.

"We take students from across all the master's programmes at Cambridge, because we believe that many of the problems in this world require interdisciplinary solutions. By living and learning together on this programme, students from different academic backgrounds do benefit from the experience of working closely on projects and teams with those from other disciplines," said Atkins.

CityU has also partnered with the British college for the Future Global Leaders Programme, which equips students with skills to address pressing global issues.