Environment minister Richard Benyon has announced investment totalling more than £1bn to secure the future of a new charity established to manage England and Wales' waterways.

The Department for Environment, Food and Rural Affairs (Defra) funding aims to pave the way for the launch of the Canal and River Trust, which takes over from British Waterways.

Defra has committed a property endowment worth £460m and funding of £800m over a 15-year period to ensure the trust is best placed to run the historic network of canals and rivers.

The Canal and River Trust's charitable status allows the organisation to benefit from greater borrowing powers; revenue through donations; and volunteering activities among others.

Benyon said: "Bringing our waterways into the Big Society puts decision-making into the hands of the thousands of people who cherish the waterways near their homes.

"Our £1bn investment will get this new charity off to the strongest start possible, and let local communities and volunteers shape the future of our world-famous waterways."

Tony Hales, chair of the trustees, added: "We now have the opportunity to attract new investment and new supporters and give a greater role to the millions of people who live alongside and on the waterways."

Details: www.waterscape.com