LatinNews Daily - 13 June 2022

US announces new investments for Central America

Central America: On 7 June US Vice President Kamala Harris unveiled a new set of investment commitments from the private sector, worth more than US$1.9bn, to be directed towards development in Central America’s Northern Triangle (comprising El Salvador, Honduras and Guatemala). It comes as part of the ‘Call to Action’ first made by Harris in May 2021 in order to garner financial support for the Joe Biden administration’s overarching strategy for addressing the roots and causes of migration in Central America. The latest pledges come from 10 companies and organisations, including financial services company Visa, apparel firm Gap and telecommunications firm Millicom, bringing the total number of investors up to 40. Meanwhile the aggregate commitments now amount to a total of more than US$3.2bn. On the same day, Harris also announced the launch of the Central American Service Corps (CASC), a US$50m initiative which will provide paid opportunities for young adults to help tackle issues such as food insecurity, violence, and the impact of climate change. By investing in the region’s young people in this manner, the initiative hopes to reduce their need to migrate in the short-term, while also tackling deep rooted issues in the longer term. Both the Call to Action and the CASC will work in close coordination with the US Agency for International Development (USAID).

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