Formula 1 is looking forward to funding apprenticeships and scholarships by setting up a diversity foundation.
The foundation is supposed to have a start-up fund of $1 million (£804,000). Reportedly, the fund would be provided personally by the chairman and chief executive officer of Formula 1, Chase Carey.
Eventually, the fund is expected to grow with contributions from others from both within and outside the sport.
F1 and the FIA are set to prepare a plan that would focus on promoting drivers from diverse backgrounds.
Carey said: "We fully recognise that Formula 1 needs to be more inclusive and diverse. While we set out our strategy last year to improve the position of our sport, we need and want, to do more. That is why we will establish a task force to listen and ensure the right initiatives are identified to increase diversity in Formula 1. We want to give people from all backgrounds the best chances to work in Formula 1 regardless of their gender, ethnicity, sexual orientation, or physical abilities."
BBC reports that this particular fund will be used for the identification and systematic elimination of the barriers to entry from grassroots karting to the top-flight Formula 1.
So far, world champion Lewis Hamilton has been the only Afro-Caribbean driver to make it into F1.
In recent weeks, the 35-year-old has been outspoken about the subject of race and diversity. His statements regarding the topic came in during the global "Black Lives Matter" protests that followed the killing of George Floyd in Minneapolis last month.
This year, F1's revenue has been hit hard because of the novel coronavirus pandemic. The racing authorities have already cancelled races in Australia, Monaco, Japan, Singapore and Azerbaijan over safety concerns
They are trying hard to find a way to organise as many races as possible in 2020. Earlier in June, F1 announced a revised calendar for the 2020 racing season. The opening eight races would begin with the Austrian Grand Prix at the Red Bull Ring on July 5, and end with the Italian GP on September 6.
Although the racing season would soon commence, it is still unclear whether fans could attend the events.