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.
Key points
- 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 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.
Effect
- 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.
These investments are producing concrete opportunities for families and communities, yielding benefits for students, employees, entrepreneurs, and households, while also establishing a blueprint for mobilizing private sector commitments to propel 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.