Church of England to Set up Impact Fund as Part of £100m Commitment to Address Historic Wrongs

The Church of England has apologized for its links to the slave trade and is setting up a $100 million fund to address the issue, the Pioneering Post reports.

"I am deeply sorry for these links," Archbishop of Canterbury Justin Welby says in a statement.

"It is now time to take action to address our shameful past."

The Church of England's predecessor, the Church Commissioners, received funds linked to slavery worth more than $1 billion, according to the Pioneers Post.

The new fund will be used "to invest for a better and fairer future for all, particularly for communities affected by historic slavery," Welby says.

The Church Commissioners manage some $10 billion in assets, including real estate and company shares, and use the returns to support the church's ministry.

The new fund will be overseen by a new oversight group with "significant membership from communities impacted by historic slavery," the Church of England says.

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