Spain joins the Global Steering Group for Impact Investment (GSG)

Madrid – June 2019.

On June 10th, 2019 Spain joined the GSG, an independent global steering group that aims to catalyze impact investment and entrepreneurship to benefit society. Established in 2015 as the successor of the Social Impact Investment Taskforce under the UK's presidency of the G8, the GSG has 22-member countries plus the EU and brings together leaders from the worlds of finance, business, and philanthropy.

The official announcement was made at the CaixaForum in Madrid, during the "Impact Revolution" day, an event organised by Foro Impacto, the association which has led Spain's integration to the GSG and works to achieve the SDGs by fostering impact investing.

Amongst the speakers was Sir Ronald Cohen, Chairman of the GSG, a pioneer in driving impact investments, and author of the book "On Impact: A guide to the Impact Revolution". The event also included the participation of Cristina Gallach, Spain's High Commissioner for the implementation of the 2030 Agenda for Sustainable Development and Antonio Garrigues Walker, Honorary President of the law firm Garrigues, among others. Agustín Vitórica was one of the speakers during the panel discussion about the future of impact investing, mentioning the positive role of the blending finance in impact investments.

The event represents the completion of a process that began in May 2018, when Foro Impacto was set up by the Open Value Foundation, UnLtd Spain and Eurocapital to bring together actors in the impact investing ecosystem in Spain. Its initial goal was to work towards Spain's integration to the GSG, with Foro Impacto acting as the technical secretariat of the working group for impact investment in Spain. Foro Impacto received support from the technical commissions on Supply, Demand and Intermediation, sponsored by Robeco AM, BBK and EY, respectively. The commissions also had GAWA Capital, Ship2b and Creas as the respective leaders; and Cuatrecasas, Kreab, Red2Red and Esade as strategic partners.

During the event, the constitution and composition of Spain’s National Advisory Council (NAB) was announced, a group that brings together leaders from several companies and institutions and charged with representing Spain at the GSG as well as implementing at a national level the GSG's recommendations for Impact Investment. The presidency of the NAB will be held by Juan Bernal, who will lead the work of this body for the next two years.

According to José Luis Ruiz de Munain, founder and executive director of Foro Impacto, "Spain's membership of the GSG represents a step to advance the impact economy, both nationally and globally, placing Spain at the forefront of impact investment. The adherence of Spain is an important milestone; for the first time, the leading organizations in the sector in Spain have come together to generate a consensus around impact investment after drawing on a wide range of opinions. Having achieved this historic milestone, Foro Impacto will continue to promote impact investments under the guidance of the GSG while working side by side with the NAB to achieve the SDG goals".

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