Vice President Kamala Harris and the Partnership for Central America jointly announced more than $950 million in new private sector commitments in response to her Call to Action for Northern Central America, bringing the overall total to more than $4.2 billion since May 2021.
These investments will help address the root causes of migration by creating economic opportunity in El Salvador, Guatemala, and Honduras.
The Partnership for Central America, which was launched with Harris in May 2021, has played a crucial role in mobilizing these new commitments.
As part of this public-private partnership, approximately 47 companies and organizations are collaborating across financial services, textiles and apparel, agriculture, technology, telecommunications and nonprofit sectors to strengthen the region’s economic security.
These investments are creating jobs, connecting people to the digital economy, expanding access to financing for small businesses, providing training and education for youth and workers, and improving economic livelihoods for people in the region.
As part of her role leading U.S. government efforts to address the root causes of migration from northern Central America, in May 2021, the Vice President launched the Call to Action for businesses and social enterprises to make significant commitments to promote economic opportunity for people in the region.
To complement and support private sector investment, Harris and PCA announced a series of new U.S. government commitments under the framework, Central America Forward.
They are, a new U.S. Government Northern Central America Investment Facilitation Team, which will support clean energy infrastructure development, facilitate private sector operations, and promote sustainable economic development in the region; Increased access to U.S. International Development Finance Corporation (DFC) financing for private sector-led projects in Northern Central America; and USAID workforce development programs to train youth in skills demanded by the private sector.
In addition, as part of the implementation of this Framework, the Partnership for Central America has identified the following goals: Create and secure jobs for 1 million individuals by 2032; Increase the incomes of 125,000 farmers with 200,000 farmers covered with disaster risk protections by 2027; Financially include at least 6 million individuals and provide 1 million small businesses with access to financing by 2027; Provide digital access to over 4 million people by 2027; Expand financial inclusion, digital access, and business services to 2.5 million women to promote their economic empowerment by 2027; Provide education and training for 75,000 individuals across the region by 2027 to prepare them for employment; Construct a $75 million debt fund to provide loans to small- and medium-sized businesses, with a primary focus on women-owned businesses, by 2027; and Facilitate at least $500 million in infrastructure deals by 2027.
Source: Read Full Article