Portada » Historic announcement: $1B in new commitments for Central America’s growth

Historic announcement: $1B in new commitments for Central America’s growth

by Michelle Suarez
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Vice President Kamala Harris and the Partnership for Central America (PCA) today announced more than $1 billion in new private sector commitments, as part of Central America Forward (CAF), a public-private partnership that was created in response to the Vice President’s Call to Action for Northern Central America.

Key points

  • Since May 2021, the cumulative value of new commitments has surpassed $5.2 billion.
  • Over 50 companies and organizations have pledged their support towards fostering inclusive economic growth.
  • These investments will generate employment opportunities, enhance access to the digital economy, and uplift economic well-being.
  • The new commitments encompass investments in various sectors such as agriculture, financial inclusion, steel production, small and medium-sized enterprises (SMEs), youth training, and more.

New commitments

  • Acceso plans to make a $3.6 million investment in El Salvador, Guatemala, and Honduras to strengthen local food systems.
  • Banco Cuscatlan is set to invest more than $30 million in promoting financial inclusion in El Salvador.
  • Corporación AG aims to inject over $150 million into Guatemala’s economy, generating employment opportunities.
  • Ficohsa will increase its SME loan portfolio by $490 million, with a focus on supporting women-led businesses.
  • JA Worldwide will provide skills training to over 1,800 vulnerable girls.
  • Meta plans to train 250,000 youth and entrepreneurs.
  • Pearson will enhance the skills of English language learners.
  • Pantaleon is set to invest over $42 million in Guatemala.
  • Conecta is planning an investment of over $260 million in electrical power transmission in Guatemala.

Effect

  • Emphasis on fostering financial inclusion, skills development, job creation, digital accessibility, and entrepreneurial support.
  • Supplementary efforts encompass promoting good governance, establishing a service corps, and enhancing remittance transfers.

The investments are creating tangible opportunities for families and communities, benefiting students, employees, entrepreneurs, and families, and shaping a model for mobilizing private sector commitments to drive economic development.

The commitments underscore a commitment to sustainable growth and inclusive development in the region, addressing key challenges such as job creation, digital access, and financial inclusion. This partnership exemplifies the power of collaboration between government and private sector entities to drive positive change and build a more prosperous future for Central America.