Monday, May 20

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

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 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.

New commitments

  • Acceso is planning to invest $3.6 million in strengthening local food systems in El Salvador, Guatemala, and Honduras.
  • Banco Cuscatlan intends to invest more than $30 million in promoting financial inclusion in El Salvador.
  • Corporación AG has committed to investing over $150 million in Guatemala, which will lead to job creation.
  • Ficohsa has announced plans to expand their SME loan portfolio by $490 million, with a focus on supporting women-led businesses.
  • JA Worldwide aims to provide skills training to more than 1,800 vulnerable girls.
  • Meta plans to offer training programs to 250,000 young individuals and entrepreneurs.
  • Pearson has committed to enhancing the skills of English language learners.
  • Pantaleon intends to invest over $42 million in Guatemala.
  • Conecta has announced plans to invest more than $260 million in electrical power transmission in Guatemala.

Impact

  • 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.

These pledges demonstrate a dedication to fostering sustainable growth and inclusive development in the region, tackling crucial issues such as job creation, digital accessibility, and financial inclusion. This partnership serves as a prime example of the transformative potential when government and private sector entities come together to bring about positive change and construct a more prosperous future for Central America.