The cash will be spent on improving overseas childcare for service families and on providing veterans accommodation in the UK.
The Prime Minister announced that £8.5 million has been awarded to the Aldershot Veterans Accommodation Pathway to provide 85 units of temporary, supported and independent accommodation.
Approximately 275 vulnerable and wounded, injured or sick ex-service personnel from across the country will benefit each year.
In addition, almost £3 million will be spent on a childcare project in Cyprus. Akrotiri First Steps at the RAF base in Akrotiri is the first project in the world to receive money from a £20 million Libor fund specifically for childcare.
This fund, launched last year, was made available to improve the childcare offered to families of serving personnel.
The new, purpose-built facility is expected to cater for more than 100 children every year. Staff will also have the specialist skills and knowledge to help children who may move regularly to make sure their development isn’t affected.
The Prime Minister David Cameron said:
This government enshrined the Armed Forces Covenant in law to ensure that whatever threat they are protecting us from, the debt we owe our troops is never forgotten.
I am delighted to be able to announce new funding to support both our returning veterans and families moving out to new bases to keep our nation safe.
They are all heroes and on behalf of the nation I would like to thank them for everything they do for us both at home and abroad.
The Aldershot Veterans Accommodation Pathway is a consortium consisting of Stoll, Haig Housing Trust and Riverside.
Accommodation in and around the town will include 25 temporary hostel accommodation units, 35 longer-term supported housing and 25 units of independent housing, available to suit the various needs of veterans.
The money will come from a one-off £40 million Veterans Accommodation Fund, provided by Libor fines levied on banks.
Ed Tytherleigh, chief executive of housing charity Stoll, said on behalf of the pathway consortium:
The Aldershot Veterans’ Accommodation Pathway addresses both these issues by providing excellent accommodation and support options to the minority of ex-servicemen and women who have found it tough once transitioning out of the services.
We believe this sets a precedent of how services should be provided to this important segment of our population.