Saiz presents the Spanish Social Impact Fund, the fourth largest in the world, to Guy Ryder, head of UN Social Policies

The Minister for Inclusion, Social Security and Migration, Elma Saiz, with the UN Under-Secretary-General for Policy, Guy Ryder, in New York

The Minister for Inclusion, Social Security and Migration, Elma Saiz, has met with the UN Under-Secretary-General for Policy, Guy Ryder, in the context of her official visit to the US. The focus of the conversation was the presentation at the UN of the Social Impact Fund (SIF), a financial instrument with which Spain has become the fourth country in the world in terms of public-private collaboration initiatives for social impact and social entrepreneurship.

This fund - approved by the Government in June 2024 - is one of the new financial instruments included in the addendum to the Recovery, Transformation and Resilience Plan (PRTR), and is endowed with €400 million. Its objective is to promote investments that generate a positive and measurable social and/or environmental impact, as well as an economic return.

"The creation of the FIS is a milestone in Spain because it will allow us to address social and environmental challenges that have so far not been covered by the markets," explained Elma Saiz, while stressing the importance of public-private collaboration. "The fund offers a new perspective on how the public and private sector can work together to address new global challenges and provide an effective response to critical issues such as the fight against poverty and inequalities".

Among other aims, the fund wants to promote the reduction of inequalities, territorial cohesion and social entrepreneurship, and to address the demographic challenge. Some of the areas where it is expected to have an impact are the social and labour inclusion of disabled and homeless people, and gender equality.

The SIF is highly flexible and can finance social impact operations by subscribing to fund shares, equity or debt instruments. A part will also be devoted to providing technical assistance to enable entities to strengthen their capacities to measure and manage impact, thereby supporting their professionalisation.

It has already approved its first two investments in the funds IB Deuda Impacto España, FESE, and Q-Impact Fund II, FESE, to provide financial support to projects of SMEs committed to social and environmental challenges in Spain.

For his part, Guy Ryder congratulated the Government of Spain on its commitment to social investment as a factor for economic and sustainable growth, and for demonstrating its solvency with objective data and evidence. "We are the engine of Europe; we account for 40% of the growth. We make a virtue out of necessity. And President Pedro Sánchez is a great international leader who defends a united Europe more than ever", the minister added.

Migration policy

Saiz and Ryder also shared the latest advances concerning migration issues in Spain, such as the new Regulation on Foreigners, and the plans for the near future, fundamentally the Plan for Integration and Multicultural Coexistence and the Strategy for Labour Mobility.

"Spain is determined to make the most of the wealth that migration brings," said Elma Saiz. "Immigration is necessary for our prosperity and the accompanying diversity enriches us, but we are aware of the challenge that cultural differences sometimes pose. Coexistence is the goal and that is what we are working towards".

Elma Saiz announced that the Coexistence Plan will be based on the principles of equality and non-discrimination, citizenship, inclusion and interculturality. "The principle of equality and non-discrimination implies the equalisation of rights, freedoms and obligations. From there, we must recognise the right of migrants to full civic, social, economic, cultural and political participation and full inclusion. Interculturality is a positive feature of our societies that we must take care of to improve coexistence and take advantage of its full potential, both culturally and economically".

During their meeting, the leaders agreed on the importance of combating discrimination and hate speech, particularly in the area of migration.

"Our entire migration policy revolves around this axis: respect for human rights and the shared benefit to be drawn from the coexistence and contribution of the people who come here. If good inclusion policies are implemented, we all win," stressed Elma Saiz, "both those who come to our countries in search of a vital project and the country that receives them".

Non official translation