"I was absolutely clear that primary focus of the Big Society Bank should be youth and that is going to be its primary objective," said Loughton.
He added that the government hoped to have the bank up and running by June and it will fund both national and local projects. Money will be made available as grants, social loans and social impact bonds.
In July, Prime Minister David Cameron raised concerns within the youth sector by saying that the money would be used to fund a wide range of charity projects. The previous government had pledged that youth programmes would be the chief beneficiary of money held in unclaimed assets when it introduced the Dormant Bank and Building Society Accounts Act in late 2008.
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