Vice President Harris and PCA unveil $1B in new commitments for economic growth

Today, Vice President Kamala Harris and the Partnership for Central America (PCA) revealed a sum exceeding $1 billion in fresh investments from the private sector. This contribution forms a crucial part of Central America Forward (CAF), a collaborative effort between the public and private sectors that was established in reaction to the Vice President’s appeal to take action for Northern Central America.

Main highlights

  • Since May 2021, the combined value of new commitments has surpassed $5.2 billion.
  • Over 50 companies and organizations have pledged their support for fostering inclusive economic growth.
  • These investments will generate employment opportunities, enhance digital connectivity, and uplift economic well-being.
  • The newly announced commitments encompass a wide range of sectors, including agriculture, financial inclusion, steel production, small and medium enterprises (SMEs), youth training, and more.

Fresh Pledges

  • 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

  • The initiatives aim to prioritize financial inclusion, skill development, job creation, enhancing digital access, and providing support to entrepreneurs.
  • Furthermore, there are additional efforts to promote good governance, establish a service corps, and facilitate remittance transfers.

These investments are generating concrete opportunities for families and communities, benefiting students, employees, entrepreneurs, and households, while also establishing a model that mobilizes private sector commitments to fuel 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.