What is the FIS?

The Social Impact Fund (FIS) is a public financial instrument attached to the Ministry of Inclusion, Social Security and Migration through the General Secretariat for Inclusion. It was approved in June 2024 with the aim of supporting impact investment in Spain and strengthening the ecosystem of social entrepreneurship.  

Endowed with 400 million euros through the Recovery, Transformation and Resilience Plan (PRTR) and managed by COFIDES, the fund offers financial support to investment projects that meet social and environmental challenges insufficiently attended to by private capital markets and generate an additional impact.  

It is a very innovative financial instrument, unique in Spain of these characteristics and with few similar precedents at international level.With this fund, Spain has become the fourth country in the world and the second at the European level in public-private partnership initiatives of impact and social entrepreneurship.  

The FIS is valid indefinitely, so that the returns of the financed investments will be reinvested in new operations to continue supporting the challenges associated with the sustainable transformation of the Spanish productive model.

It is integrated into Component 22, investment 6, of the PRTR Addendum and is assigned milestones and objectives L72, L73 and L74, with expected completion until August 31, 2026.

 

Model of governance

The Social Impact Fund is based on a solid governance structure divided into three levels:

COFIDES, a public-private company responsible for identifying, analysing and structuring all operations as fund manager.  

A Panel of Independent Experts (PEI) that evaluates the operations proposed by COFIDES and produces independent technical opinions. It is something new in the management of Spanish public funds and is in line with international best practices.  

An Inter-Ministerial Technical Investment Committee (IITC) responsible for definitively validating the proposals that receive a positive opinion from the IEP.It is the organ of control and monitoring of operations.Its president is Elena Rodríguez Navarro, general secretary of Inclusion, and is composed of representatives of six ministries.