On March 11, 2025, a new chapter began for Romania’s social economy sector with the official launch of the AFIN – Social Investment Fund project. Co-funded by the European Union through the ESF+ / EaSI programme, the project sets out to establish the first private social investment fund in Romania, designed to provide tailored financing to social enterprises seeking to grow and deepen their impact.

What is AFIN – Social Investment Fund and why is it important?

The launch event took place in Iași and brought together project partners, experts from across Europe working in the fields of social finance and social innovation, and mass media representatives. 

The project responds to a critical gap in Romania’s ecosystem: while the number of social enterprises has grown in recent years, many face challenges in accessing the types of capital required for scaling. Existing funding mechanisms often target start-ups or early-stage organisations, leaving a gap for those ready to transition to the next level.

From idea to implementation: a timeline through 2027

The AFIN – Social Investment Fund is currently in the market research phase, with the study expected to conclude in October 2025. This will be followed by the development of a business plan in 2026, and a broad capacity-building effort aimed at both investees and potential investors. The fund’s legal establishment is scheduled for May 2027, when it is expected to become fully operational.

A multi-stakeholder European partnership

The project is implemented by a consortium of partners with extensive experience in social economy and finance:

• ADV Romania – project coordinator

• Social Finance Association (Romania)
• MicroEurope (Spain)
• Phitrust (France)
• FEBEA – European Federation of Ethical and Alternative Banks (Belgium)

Two associated partners support the project:

• AFIN IFN S.A., a non-bank financial institution supporting early-stage social enterprises
• RISE Romania, the national network of work integration social enterprises

The project is coordinated from Romania and designed as a European effort to bridge knowledge, practice, and innovation in the field of social investment.

“This fund will be based on tested models and best practices from across the EU, adapted to Romania’s specific context,” shared Angela Achitei – president of ADV Romania.

Complementing existing tools

One of the project’s strengths lies in its complementarity with existing mechanisms. While AFIN IFN S.A. already serves micro and early-stage social enterprises through small-scale lending, the new fund will target investment-ready social enterprises with solid track records and ambitious development plans.

By doing so, the fund will contribute to the sustainability and professionalization of the sector, offering long-term tools for long-term impact.

Why it matters

Social investment remains a relatively new field in Central and Eastern Europe. With the launch of this project, Romania positions itself as a future regional hub for social finance — with potential to influence developments in neighbouring countries such as Moldova and Ukraine.

The AFIN Social Investment Fund is more than a funding mechanism. It is a step toward a more mature, sustainable, and impactful social economy — one that aligns with the European Union’s long-term vision for inclusive growth and fair transitions.

This initiative embodies what EU-funded cooperation can achieve: filling real gaps, building on proven models, and investing in long-term transformation.

The full recording of the event is available here.