< This story has been amended; see final paragraph
Ten new social impact bonds worth a combined £16.4m have been set up to tackle drug and alcohol dependency and to support children in care, the Department for Digital, Culture, Media & Sport has announced.
The funding is part of the first round of investment from the £80m Life Chances Fund, which was launched last year and which will support projects that "help those people in society who face the most significant barriers to leading happy and productive lives".
At the time it was expected that 20 per cent of the payments made through the scheme would come from central government, with the rest provided by local government, and go through SIBs, which make payments to social investors if the projects they have funded meet certain criteria upon completion.
"The funding for the 10 SIBs is being complemented by a combined £37.6m provided by 36 local authorities across England, and the Life Chances Fund is being administered by the Big Lottery Fund on behalf of the DCMS.
The first 10 SIBs include £6.1m in funding for the Family Drug and Alcohol Court, the largest share, and £3m for the East Midlands Children’s Services Social Investment Platform.
Integrated Family Support will receive £1.9m, the West London Alliance will receive £1.2m and Bright Residential for Children will get £1.1m.
Other recipients of the Life Chances Fund money are: Fostering Better Outcomes, which will get £939,000; Cornwall Frequent Attenders Project, which will receive £779,216; Plymouth City Council, £539,140; Edge of Care and Reunification, £425,000; and Early Intervention Care Prevention, £422,400.
Tracey Crouch, the Minister for Sport and Civil Society, said: "This funding will benefit some of the most vulnerable people in society and provide vital support to help them transform their lives. The UK is a world leader in using social impact bonds to make a positive impact in society, and these projects will achieve real results in communities across the country."
< This story has been amended to make it clear how the Life Chances Fund will be financed.