Trust to distribute stg£7.7m to most deprived areas in NI

A trust has assumed responsibility for the International Fund for Ireland’s loans to economic regeneration projects in some of Northern Ireland’s most deprived areas, it was announced today.

Ulster Community Investment Trust will distribute stg£7.7m in IFI funds to a variety of projects, the chairman of the International Fund William T McCarter revealed in Moygashel today.

Mr McCarter handed over a stg£500,000 loan to the Moygashel Community Development Organisation.

He said UCIT hoped to ‘‘meet the financial and mentoring needs of community economic development organisations in disadvantaged areas with the aim of creating new jobs, income and wealth in those communities.’’