David Cameron announces £250m for local community investment

British Prime Minister David Cameron has announced that local communities will be given £250m (US$386m, €294m) in funding to help them buy a variety of amenities including village greens, playing fields and pubs.

Speaking at the Social Impact Investment Conference in London, the Prime Minister said: "Everyone knows how vital institutions in our towns and villages are, like village halls, playing fields, local pubs and everyone knows how - despite the best efforts of parish and local councils - these can face closure. I want our social investment funds to give people the opportunity to take them over and run them."

The new Community Assets Fund (CAF) will offer long -term loans to help communities save vital facilities.

The £50m (US$77.2m, €58.8m) CAF is part of a larger £250m (US$386m, €294m) development for community investment over the next 10 years put forward by the Big Society Capital and the Big Lottery Fund.

The CAF, which will start making payments next year, will provide grants and loans to help communities own assets such as pubs, playing fields and community centres.