Posted on November 3, 2023

US to Offer Economic Benefits for Countries Hosting Migrants, Shore up Supply Chains

Ted Hesson and Andrea Shalal, Reuters, November 2, 2023

The United States on Friday will announce new development financing for countries hosting migrants in the Western Hemisphere as part of an effort to curb migrant arrivals at the U.S-Mexico border and expand economic cooperation in the region, senior U.S. officials told Reuters.

President Joe Biden will convene leaders from Latin America and the Caribbean at the White House on Friday to discuss economic issues and migration at the Americas Partnership for Economic Prosperity (APEP) Leaders’ Summit.

The summit follows a similarly themed meeting of Western Hemisphere leaders in Los Angeles last year, part of a broader push aimed at strengthening regional economic ties and reducing China’s influence in the region.

The White House said leaders from Barbados, Canada, Chile, Colombia, Costa Rica, the Dominican Republic, Ecuador, Peru and Uruguay are expected to attend Friday’s gathering, as well as representatives from Mexico and Panama.

The United States is working with the Inter-American Development Bank (IDB), which promotes economic development in Latin America and the Caribbean, to create a new financing platform that will serve middle- and higher-income countries, the officials said, requesting anonymity to share details on the forthcoming announcements. The United States will also work to expand its contributions to the bank, one of the officials said.

The new IDB financing platform is part of a package that will also include funds from the private sector and other donors “to reinforce this welcoming spirit in the region,” the official said. The hope is to expand economic prospects in the Western Hemisphere so migrants do not head to the United States.