Adam Boehler, Chief Executive Officer of U.S. International Development Finance Corporation (DFC) pictured above, yesterday joined Guatemalan President Alejandro Giammattei and Minister of Economy Antonio Malouf to sign a memorandum of understanding (MOU) aiming to catalyze private sector investment of up to $1 billion over three years in support of development in Guatemala. The MOU was signed at the American Chamber of Commerce in Guatemala.
“The United States and Guatemala share a commitment to building a more prosperous, stable, and secure Western Hemisphere,” said Boehler. “The MOU signed by our two countries today—which will create meaningful economic opportunities and improve the lives of the Guatemalan people—represents a milestone in our cooperative efforts to achieve this common vision.”
“Today’s memorandum of understanding is evidence of the United States’ commitment to partner with Guatemala to grow the economy, improve citizen security, and ensure transparent, accountable governance that supports human rights. It offers a tool to grow the economy for all Guatemalans, particularly those in greatest economic need,” said U.S. Ambassador to Guatemala Luis E. Arreaga.
The MOU is intended to advance development, spur inclusive economic growth, and address regional security concerns. In pursuit of these goals, DFC and the Government of Guatemala will prioritize investments that:
- Build critical infrastructure, with a focus on energy and housing as well as social infrastructure like healthcare and education.
- Generate quality economic opportunities, especially by supporting small and medium enterprises (SMEs) and women’s economic empowerment.
- Support efforts to stem irregular migration, particularly through port and airport modernization as well as technology and innovation.
Under the MOU, the Government of Guatemala will identify potential private sector projects that address these focus areas and may be eligible for DFC investment. Subject to the agency’s comprehensive review and approval processes, DFC will seek to support these projects through debt and equity financing, political risk insurance, and other financial tools.
The announcement was made following the inauguration of President Giammattei, which was attended by Boehler as well as Secretary of Commerce Wilbur Ross and Acting Secretary of Homeland Security Chad Wolf.