While Related's current projects are fully financed, the capital will help fund New York City residential and commercial projects in the future, the company said.

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But the Big Lottery Fund said complex capital projects were involved - and it was confident the money would be allocated by next year as intended.

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These vehicles take loans, issue bonds or pool capital with private firms to fund infrastructure projects, including housing.

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The AFJP system in Latin American has helped create a vast stock of domestic savings that can fund local capital markets and lend money for projects like toll roads.

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But it seems fair to assume that, given the general atmosphere of austerity, Peace IV would be less generous than Peace III and is more likely to fund revenue for community groups than big capital projects like the Foyle Peace Bridge.

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This transaction creates a stable platform for long term growth and allows Finavera to recycle capital and fund the ongoing development of its remaining portfolio of projects.

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Moreover, says Adrian Beney of More Partnership, a fund-raising consultancy, such gifts are often essential for capital projects: small donations typically cover running costs, big ones pay for new wings in galleries or hospitals.

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