Madrid, June 06, 2023. The Council of Ministers approved the addendum to the Recovery, Transformation and Resilience Plan (RTRP) which contemplates the implementation of two new financial instruments to be managed by COFIDES, the Co-investment Fund (FOCO) and the Social Impact Fund (FIS).

Both instruments establish new mandates of indefinite duration for COFIDES, and thus the returns obtained from the investments financed shall be reinvested in new operations.

The objective of the Co-Investment Fund (FOCO) is to contribute to the transformation of the Spanish production model by attracting foreign investment in Spanish companies that carry out investments in activities aligned with the RTRP objectives, such as energy transition, digital transformation, sustainable mobility, biotechnology or sustainable agriculture. FOCO shall invest in the capital of companies incorporated in Spain through co-investment agreements with various types of foreign investors, such as sovereign funds or foreign institutional investors, among others. The financing provided by FOCO shall be executed under market conditions.

The Social Impact Fund (FIS) is endowed with 400 million euros and aims to reinforce the Spanish impact investing ecosystem with sustainable investments that generate a positive social or environmental impact. To this end, it will invest in Spanish companies which, aside from being financially viable, contribute quantifiably to the achievement of social and/or environmental goals. FIS shall also contribute to impact investing funds, to reinforce the financial offer of this ecosystem, which has a significant growth potential in our country. 

The Chairman of COFIDES, José Luis Curbelo, highlights that, “with the management of the FIEX and FONPYME funds for over 30 years and the Recapitalisation Fund for Companies Affected by COVID-19 (FONREC) since 2021, COFIDES has more than evidenced its enormous capability, diligence and professionalism as manager of State funds. These two new mandates are a clear incentive to continue improving the competitiveness of the Spanish economy and will contribute to adapting the offer of public financial instruments to meet the needs of our enterprises”. At the same time, “they confirm the versatility of COFIDES to support achievement of the objectives of various public policies”.

In his opinion, “FOCO will strengthen the sustainable and inclusive growth of the Spanish economy, increase the social and economic resilience of Spain and promote its ecological and digital transformation”. Meanwhile, “FIS shall reinforce the growth of the Spanish environmental and social impact investing ecosystem, acting as a catalyst to attract third-party resources to this segment, which contributes to sustainable and inclusive growth of the economy and is gaining importance both at a national and a global level”.