Finance: HSBC gives $10m boost to SOS Children's Villages

Helen Warrell

The HSBC Global Education Trust has launched a $10m funding initiative in collaboration with SOS Children's Villages.

Future First will provide education, healthcare and counselling to street children and children in foster care in all countries in which the bank has a presence.

Funding will be decided by HSBC co-ordinators in each country, with final approval by the programme's secretariat in Mumbai, India.

A spokesman for HSBC Holdings said SOS would be the preferred supplier for trust-sponsored projects in developing countries, but will aim to work with local charities as much as possible.

"We think this is going to make a measurable difference to the lives of some of the most marginalised and impoverished members of society," said Dame Mary Richardson, chief executive of the trust. "HSBC believes financial institutions have a role to play in helping to integrate youth from disadvantaged backgrounds into the fabric of society - not only to improve the quality of their lives, but also so they can be fully active citizens who contribute to the economic prosperity of their local communities."

Helmut Kutin, president of SOS Children's Villages International, said the charity would work with HSBC to provide "education and vocational skills, and basic but vital support through difficult times" for the world's poorest. "HSBC will assist SOS in ensuring a secure future for these children and their families," he added.

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