Washington, Nov. 3 (EFE) – The President of the United States, Joe Biden, announced on Friday several measures, including a mechanism to promote “green bonds”, with the aim of helping Latin American countries reduce debt and achieve financial prosperity.
Biden offered details of these initiatives during the plenary session of the first Leaders’ Summit of the Americas Partnership for Economic Prosperity (APEP), held Friday at the White House and attended by ten heads of state from the region and two foreign ministers.
In front of dozens of television cameras, Biden delivered the summit’s opening remarks, emphasizing the importance of promoting middle-class growth throughout the region, an approach that has been central to his economic policies in the United States and that he has also applied to foreign policy.
“Our economics from the bottom up and middle out, when we do it that way, everyone does well,” Biden said
“The wealthy do just fine but the middle class and working class people have a shot to increase opportunity and decrease inequity, to harness incredible economic potential of the Americas and make the western hemisphere the most economically competitive region in the world. I think that’s totally within our reach,” he added.
Seated next to Biden were President Rodrigo Chaves Robles of Costa Rica, who has become a key US ally in promoting APEP, and President Luis Lacalle Pou of Uruguay. The rest of the leaders were seated around a U-shaped table.
In his speech, the US president outlined some of the measures that will be announced at the end of the summit on Friday, including a “Fund for Nature” that the United States will create with the Inter-American Development Bank (IDB), of which it is the largest shareholder.
The fund will encourage investment in “green bonds,” which are debt instruments issued by public or private institutions to finance projects that improve the environment.
It will also encourage investment in “blue bonds,” so called because they seek to protect the oceans and their ecosystems.
On the other hand, he took the opportunity to announce the creation of a “business accelerator” led by Uruguay to promote private capital investment in new businesses in the region, as well as a training center on technology industry issues in Costa Rica.
Biden also highlighted the Chilean government’s commitment to lead “new initiatives” to build a space industry in the region that will help better utilize satellite technology.
On migration issues, Biden announced a three-part approach “to stabilize migrant populations including making sure the communities that are welcoming migrants and refugees can afford to welcome them and afford to care for them.”
After Biden finished speaking, the press had to leave the room and could not hear the debate with the other leaders.
The Alliance for Economic Prosperity in the Americas is an initiative Biden launched at the Summit of the Americas in Los Angeles in 2022, which aims to combat economic inequality and promote regional integration.
Friday’s inaugural summit of heads of state included the presidents of Peru, Dina Boluarte; Colombia, Gustavo Petro; Chile, Gabriel Boric; Uruguay, Luis Lacalle Pou; Dominican Republic, Luis Abinader; Costa Rica, Rodrigo Chaves; and Ecuador, Guillermo Lasso.
The Prime Minister of Barbados, Mia Mottley, and the Prime Minister of Canada, Justin Trudeau, participated, as well as the Foreign Ministers of Mexico, Alicia Bárcena, and Panama, Janaina Tewaney. EFE
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