Millions of pounds from dormant bank accounts are being invested in a pioneering fund aimed at lending to socially or environmentally friendly projects with no access to public markets.
According to The Times, Prudential is set to announce today that it has raised £44.5m in seed money to launch the fund. Its M&G Impact Financing Fund aims to provide debt finance to borrowers that do not have access to public bond markets.
Under new rules, bank and building society accounts left untouched for 15 years can be tapped where the customer has not replied to correspondence. Almost £1bn has been raised so far and this has been made available to charities, social enterprises and other borrowers.
Big Society Capital has put £15m into the new fund.
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