The Social Impact Fund (SIF), managed by COFIDES, has been highlighted by the United Nations as an international best practice in promoting the Social and Solidarity Economy (SSE). This recognition is included in the report “Boosting the Contribution of SSE Entities to Sustainable Development”, published by the UN Inter-Agency Task Force on Social and Solidarity Economy (UNTFSSE).
The report, which cites examples from 12 countries, underlines the SIF as a good example of public policy to facilitate access to financing for the social and solidarity economy. It also recognizes the SIF as an innovative public financial instrument created to mobilize impact investment in Spain and strengthen the social entrepreneurship ecosystem. In line with the PERTE on Social and Care Economy, the SIF has a budget of €400 million, co-financed by the Next Generation EU program.
The UN report highlights that the SIF:
Ángela Pérez, Chairwoman and CEO of COFIDES, stated that the SIF is proving that “purpose-driven investment is not only necessary, but also profitable and feasible.” With this international recognition, “the role of COFIDES and Spain as benchmarks in designing financial instruments that attract capital to projects generating real social and environmental impact is reinforced. The UN’s support encourages us to keep working towards a more inclusive and sustainable economy.”
The SIF is a fund created by the Spanish Government through the addendum to the Recovery, Transformation, and Resilience Plan (PRTR), with resources from the NextGenerationEU instrument. Attached to the Ministry of Inclusion, Social Security, and Migration, it is a public financial instrument aimed at strengthening Spain’s impact ecosystem by supporting investment projects carried out by companies and other entities that generate a positive and measurable social and/or environmental impact.
The fund has a budget of €400 million and provides financial support to projects that are financially sustainable and contribute to addressing unmet social and environmental challenges, while also promoting the mobilization of additional private resources.
COFIDES is a state-owned company that manages Spanish state financial instruments, as well as its own resources and those of third-party institutions, with different objectives: the internationalization of the Spanish economy, attracting foreign investment into strategic sectors in Spain, promoting the impact economy in Spain, and contributing to the development of the countries in which it invests. In addition to the Spanish State, which holds a majority stake, its shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell, and CAF–Development Bank of Latin America.
The UNTFSSE (United Nations Inter-Agency Task Force on Social and Solidarity Economy) was established to increase the visibility of the social and solidarity economy in international knowledge and policy circles. The Technical Working Group on Financial Access and Support (TWG-FAS) for Social and Solidarity Economy entities, created within the UNTFSSE framework, focuses on improving access to financing and support services for SSE entities. The UNTFSSE/TWG-FAS is currently led by the United Nations Conference on Trade and Development (UNCTAD).
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