LatinNews Daily - 07 February 2023

In brief: US announces new investments for Central America

*US Vice President Kamala Harris has announced more than US$950m in new private sector commitments for Central America’s Northern Triangle (comprising El Salvador, Guatemala and Honduras), bringing the overall total to more than US$4.2bn since May 2021. 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. New commitments were announced by US-based Chegg, an online-learning platform; Spain’s Microwd, which offers microloans to female entrepreneurs; Luxembourg-based telecoms and media group Millicom; Swiss multinational food and drink giant Nestlé; Portugal-headquartered fabric and garment manufacturer Nextil; Colombian textile manufacturer Protela-Colombia; US-based Root Capital, a non-profit which invests in growth of agricultural enterprise; US general merchandise retailer Target; and US money transfer company Viamericas. According to the US government, as part of this initiative, approximately 47 companies and organisations are collaborating across financial services, textiles and apparel, agriculture, technology, telecommunications and non-profit sectors to strengthen the region’s economic security. A Whitehouse press release highlights that 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”.

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