Banco Cuscatlán, Banco Industrial and Banco Ficohsa, together with the HUGE Business and Investment Council agree to promote the sustainable generation of jobs, support the financing of strategic projects for the region and bring positive attention to the productive sectors of Guatemala, Honduras, and El Salvador. This effort aims to encourage potential investors from North America to take advantage of the competitive opportunities jointly offered by the region.
This week’s conference, “Investment Opportunities to Capitalize on Nearshoring of US Companies in Guatemala, Honduras, and El Salvador”, hosted by the HUGE Business and Investment Council, featured presentations of eight large infrastructure projects by their private sector sponsors to twelve major financial institutions involved in funding private sector infrastructure projects in the region.
The total private investment in these projects amounts to $3.4 billion and generates approximately 140,000 new jobs in the Northern Triangle region of Central America. The investment opportunities include two large industrial parks, a technology park, a large data center to support e-commerce, modern highway construction, and two alternative energy projects, as well as the expansion of an operations center for maintenance, repair, and overhaul of commercial airplanes in El Salvador, making it one of the largest of its kind in the world.
The leaders of three major Central American banks also signed a memorandum of understanding to formalize their commitment towards creating greater opportunities for Central Americans and helping address causes of irregular migration to the United States.
“Encouraging investment in projects that generate positive economic, social, and environmental impact is crucial for the sustainable development of our region. It ensures a future of new opportunities, allowing Central Americans to fulfill their “American Dream” at home rather than risking their lives to seek it elsewhere,” said Dr. Juan José Daboub, President of HUGE.
The memorandum of understanding signed by the leaders of the banks in the region is projected to support the generation of more than 2 million new jobs in the coming years, as well as the promotion of ethical practices in the construction of strategic infrastructure, enhancing the image of the region as a business base for partners in the United States.
“As founding partners of HUGE, we have the mission of turning the Northern Triangle into a point of reference for investment in Latin America. For this reason, we are going to help entrepreneurs from our countries and internationally, so that they can take advantage of Nearshoring and become the business partner that any entrepreneur in the world would like to have”, said Federico Nasser Facussé, President of Grupo Imperia CUSCATLAN, the main shareholder of Banco CUSCATLAN.
One of the highest priorities within the agreement is a commitment to financial inclusion through educational programs, as well as an incentive to promote equal opportunities throughout the region and thus contribute strategically to the economic well-being and social development of countries.
“Banco Industrial’s purpose is to support, promote and accelerate the development of the Central American region; and being part of this agreement strengthens our efforts to sustainably achieve the well-being of the community we serve,” said Bernardo Yurrita, a representative of Banco Industrial.
The principals of the three banks stressed that they would work in a coordinated manner to reduce their environmental footprint by strengthening access to financing mechanisms that promote the efficient use of resources, ensuring that today’s investments do not negatively impact the future.
“We will support our clients with knowledge and financing so that they can make strategic investments that allow them to be more efficient and eligible in the production chain that North American companies currently require. Our geographical position provides important advantages that we can take advantage of as long as Environmental, Social, and Governance criteria are met in order to protect the sustainability of our region”, said Camilo Atala, President of Grupo Financiero Ficohsa de Honduras.
The three bank principals are Founders of HUGE, an initiative that represents the first joint effort of private sector job creators from the three Central American countries and their counterparts from the United States for the creation of massive employment in these countries, including in the United States.
During the event, the United States Ambassador to El Salvador, William H. Duncan, highlighted the longstanding promotion of fair trade, transparency, and respect for intellectual property rights, as well as his commitment to corporate social responsibility and compliance with environmental and labor standards as essential pieces for doing business.
“Collaboration with the United States fosters sustainable and mutually beneficial relationships, which guarantees the long-term success and stability of companies and communities in the region,” said the diplomat.
In addition to supporting the development of investment projects, as part of its mission, HUGE seeks to bring together the main players in the United States and in the countries of the Northern Triangle. This includes small and medium-sized companies, as well as civil society organizations, and the public sector, to support emblematic regional infrastructure projects that will catapult the region’s competitiveness.