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.

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 to invest $3.6 million in El Salvador, Guatemala, and Honduras to strengthen local food systems.
  • Banco Cuscatlan to invest over $30 million in financial inclusion in El Salvador.
  • Corporación AG to invest over $150 million in Guatemala, creating jobs.
  • Ficohsa to increase their SME loan portfolio by $490 million, prioritizing women-led businesses.
  • JA Worldwide to provide skills training to over 1,800 vulnerable girls.
  • Meta to train 250,000 youth and entrepreneurs.
  • Pearson to upskill English language learners.
  • Pantaleon to invest over $42 million in Guatemala.
  • Conecta to invest 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.

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.