(Bloomberg) -- The Biden administration is launching a new technical assistance program to boost investment in Latin America and the Caribbean, as regional officials meet in Washington for talks on efforts to spur development, create jobs and counter migration pressures.
The US International Development Finance Corp. announced the proposal for a $30 million fund in a statement Wednesday. Officials say the plan will focus on the project preparation phase, where too many potential deals currently fall apart.
The DFC is partnering with the private sector arm of the Inter-American Development Bank. Some of their work aims to boost infrastructure and social services available to migrants and their host communities. While the US has seen a record number of undocumented migrants at its southern border, millions more — particularly from crisis-riven Venezuela, Cuba and Haiti — are living in nations like Colombia, Peru and Brazil.
The DFC move comes as foreign ministers from the US-led Americas Partnership initiative meet in Washington on Wednesday. Topics for the 12 nations include ways for countries not in the grouping, such as Argentina and Paraguay, to join the Biden administration’s signature economic effort in the western hemisphere.
The US has been seeking ways to counter a surge in lending to the region by China, America’s main geopolitical rival.
©2024 Bloomberg L.P.
