Public impact fund financing purpose-driven enterprises across Spain.
FIS is publicly backed through a 400 million euro allocation under the Recovery, Transformation and Resilience Plan and is designed to address social and environmental needs through additionality and financing adapted to social-economy organisations. Its instruments include direct loans and co-financing, investments through funds, and concessional terms in duly justified cases, which distinguish its public mandate and toolkit from a purely commercial fund.
The fund can pair investment or financing with technical assistance, including help building impact-measurement capacity. COFIDES states that FIS adheres to SpainNAB's Code of Good Practices for Impact Investment. Impact Europe's case study likewise describes the combination of flexible debt and equity instruments with assistance to expand tailored financing and organisational capacity.
The Spanish government created FIS through an addendum to the Recovery, Transformation and Resilience Plan, drawing on NextGenerationEU resources, and COFIDES manages the 400 million euro instrument. The fund is revolving and valid indefinitely, with returns from financed investments reinvested in new operations.
By August 2026 the official government update on the recovery plan reported that the FIS investment phase had concluded ahead of the 31 July deadline, with 39 funded operations associated with nearly 930 million euros in projects. Individual operations include an 11 million euro FIS loan for the ALAS affordable-housing project, reported by the Ministry of Inclusion in June 2026, and a 5 million euro FIS contribution to Qida's 37 million euro financing round recorded by the European Commission.
The official recovery-plan update reports that the FIS investment phase was completed by the end of July 2026, with 39 FIS operations and nearly 930 million euros in supported projects. That is a fund-level indicator of deployed capital rather than a measure of Spain's or Europe's wider impact-investing market. COFIDES describes the fund as revolving and indefinite, and states that applications received during the interim will be processed from September 2026.
FIS's role as a public-private financing channel is illustrated by Qida, where the European Commission reports a 5 million euro FIS contribution to a 37 million euro round alongside additional private-fund backing. This evidence supports describing FIS as a public catalyst for selected Spanish impact projects; it does not establish the broader market size or growth rate.
The Social Impact Fund (FIS) is a 400 million euro public instrument managed by COFIDES and financed through Spain's Recovery, Transformation and Resilience Plan. Its eligible beneficiaries include purpose-driven companies of different sizes and stages, foundations, associations and non-governmental organisations, social-economy enterprises, and qualifying Spain-domiciled funds or investment vehicles supporting eligible projects in Spain.
FIS can subscribe to impact-fund units, co-invest or co-finance directly, and provide repayable financing such as loans and participating loans, with concessional terms possible in justified cases. Direct transactions start at 300,000 euros, with a 40 million euro aggregate limit per promoter. Indirect commitments range from 2 million to 50 million euros, subject to stated exceptions.
A Technical Assistance Facility may complement financing, including support for impact-measurement capacity.