The Partnership for Central America (PCA) and Vice President Kamala Harris have jointly announced today an impressive sum of over $1 billion in fresh investments from the private sector. This landmark initiative, known as Central America Forward (CAF), is a dynamic public-private collaboration that emerged in direct response to the Vice President’s Call to Action for Northern Central America.
Main highlights
- 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.
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.
Impact
- Focus on financial inclusion, skilling, job creation, digital access, and supporting entrepreneurs.
- Additional initiatives include promoting good governance, supporting a service corps, and boosting 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 strong dedication to sustainable growth and inclusive development in the region, tackling essential issues such as job creation, digital access, and financial inclusion. The partnership serves as a prime example of the transformative potential that arises from the collaboration between government and private sector entities, working together to foster positive change and construct a more prosperous future for Central America.