Madrid, December 18, 2024. The Social Impact Fund (SIF), managed by COFIDES and attached to the Ministry of Inclusion, Social Security and Migration, has approved its first two investments in the IB Deuda Impacto España, FESE, and Q-Impact Fund II, FESE, in order to provide financial support to SME projects committed to social and environmental challenges carried out in Spain.

IB DEBT IMPACT SPAIN, INTEGRATION OF PEOPLE WITH DISABILITIES AND THE CIRCULAR ECONOMY

Specifically, the SIF will contribute 30 million euros to the IB Deuda Impacto debt fund, the first fund of its kind structured in Spain and managed by Impact Bridge Asset Management. In addition, it will provide €100k in technical assistance for training in social impact supplier procurement and contracting. IB Deuda Impacto España finances small and medium-sized enterprises focused on social issues, such as rural development, decent employment, inclusion of vulnerable groups, gender equality or access to basic services; and environmental issues, such as circular economy, sustainable agriculture or energy efficiency. 

Q-IMPACT FUND II, MENTAL HEALTH EXPERIENCE AND ACCESS TO HEALTH SERVICES.

SIF's stake in Q-Impact Fund II, a growth equity fund of Spanish fund manager Q-Impact Investment Management, will reach €19.5M. With a total size of more than €100M, Q-Impact Fund II is positioned as one of the largest impact investment funds in Spain. Like its predecessor Q-Impact I, it specializes in social and environmental impact SMEs with projects in different areas related to social inclusion (education, integration of people with disabilities, mental health, the elderly, etc.) and ecological transition (energy efficiency, new fuels and reforestation, among others).

Both operations, proposed by COFIDES, have received the favorable opinion of the Panel of Independent Experts and the Interministerial Technical Investment Committee of the SIF, in accordance with the fund's three-tier governance structure.

Ángela Pérez, chairperson and CEO of COFIDES, stated that "these first SIF’s operations culminate months of intense work to launch this fund, a unique instrument in Spain and with few precedents internationally, which is set to transform and strengthen impact investment and the social entrepreneurship ecosystem in our country.” 

On her side, Elena Rodríguez, secretary general for Inclusion and President of the Interministerial Technical Investment Committee, emphasized that "with this Fund we have become the fourth country in the world in public and public-private initiatives in the impact economy. An essential tool to respond to such decisive challenges as the inclusion of people at risk of exclusion, the training of unemployed youth, the integration of people with disabilities, the ecological transition or sustainable growth", she added. 

SOCIAL IMPACT FUND (SIF)

SIF is a fund created by the Government through the addendum to the Recovery, Transformation and Resilience Plan (PRTR) and has resources from the NextGenerationEU instrument. The SIF is a public financial instrument that aims to strengthen our impact ecosystem by supporting investment projects carried out by companies and other entities in Spain that generate a positive and measurable social and/or environmental impact.

Endowed with €400M, it offers financial support to projects that are financially sustainable and contribute to addressing neglected social and environmental challenges, while promoting the mobilization of additional private resources.

The Social Impact Fund has various modalities of financial support, including the subscription of shares in impact investment funds, direct investment in entities through co-investment agreements, and direct repayable financing through loans, equity loans or other financial instruments. On the other hand, it has a technical assistance facility to strengthen the capacities of the beneficiary entities in relevant aspects for the development of the projects, such as impact measurement and evaluation methodologies.

The fund is fully operational. Project proposals for SIF funding can be submitted to fis@cofides.es.

ABOUT COFIDES

COFIDES is a state-owned trading company that manages state funds, as well as its own resources and those of third-party institutions. COFIDES's mission is to support the internationalization of the Spanish economy, attract foreign investment into strategic sectors in Spain, promote the impact economy, and contribute to global economic development. COFIDES is also instrumental in strengthening the solvency of Spanish companies, particularly in response to challenges such as the COVID-19 pandemic. COFIDES’s shareholders include the Spanish State, Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell, and CAF-Development Bank of Latin America.