Balearics: social fund doubles investment reach

The Balearic Islands have seen investment worth twice the money committed by Spain’s Social Impact Fund, according to the fund. The FIS closed its investment phase on 16 September after allocating its full €400 million budget to 39 operations across Spain. Together, they have drawn up to €1,330 million in total investment.

The Social Impact Fund is backed by the Ministry for Inclusion, Social Security and Migration through its General Secretariat for Inclusion, and managed by COFIDES. It uses public funding to bring in private capital for projects tackling unresolved social needs.

The Balearics matched the two-to-one investment effect recorded in Castilla y León and Aragón. Madrid and Catalonia achieved a higher return still, the fund said.

€50 million for affordable homes

One major strand has put €50 million into seven affordable-housing projects. The aim is to help people and families in vulnerable situations gain access to a home.

Organisations involved include Fundación ALAS, Primero H, Provivienda, tuTECHO and Sostre Cívic. The fund has also backed work helping people with disabilities or difficult circumstances into jobs, care for older and dependent people, mental-health support, social enterprise and access to finance.

More than 80% of FIS resources have gone to projects with a social purpose. The investments are expected to support more than 200 businesses and organisations with a social impact across Spain.

Fund plans to recycle returns

Money returned from the investments will be put into new social-impact projects, rather than ending with the first round of deals. That is intended to keep the fund operating over time.

The General Secretariat for Inclusion has also begun an impact-assessment roadmap. It is meant to go beyond counting money and activity, and measure the changes made in the lives of people and groups receiving support.

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Source: Europa Press / Mallorca.com