22nd March 2024

IADB is going to ramp up LatAm finance to US$112bn over the next decade following a capital increase of US$3.9bn and internal reforms. These changes will see IADB and its venture capitalist arm IDB Labs focus on fewer but larger loans. This comes after member nations expressed interest in financing specific projects such as Sweden guaranteeing a biodiversity project in the Amazon. IDB President Ilan Goldfajn wants more effective projects that have a greater impact. Examples of these would include waste management in the Dominican Republic and a $400mn green hydrogen investment in Chile.

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Photo: (AP Photo/Jose Luis Magana)

8th March 2024

German pharmaceutical company Bayer announced that it will invest US$200mn in a new plant in El Coyol, Alajuela, Costa Rica. The site is currently installing equipment and acquiring certification to begin production of contraceptives by the beginning of 2025. The aim is to provide access to long-acting, reversible contraception to 100 million women in low-middle income countries by 2030. Further investment in its research and development station in Guanacaste will increase production and the workforce by 18%. Bayer has had a presence in Costa Rica since 1997.

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Photo: Coyol Free Zone

23rd February 2024

El Salvador’s Tribunal Supremo Electoral has confirmed Nayib Bukele as President for the next five years. Félix Ulloa will return as Vice President. Bukele received over 84% of the valid votes cast with over 2.7 million. Manuel Flores of the Farabundo Martí National Liberation Front (FMLN) was second with 6.4% of votes. Bukele will have considerable power as his Nuevas Ideas party also garnered 54 of a possible 60 National Assembly seats. Various electoral observers including the Organisation of American States have expressed concerns about delays and “a lack of uniformity” in the final count. Four political parties have presented legal action to nullify the results. The country will return to the polls on 3rd March to vote in mayoral and Parlacen elections.

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Photo:  Latin America News Agency/REUTERS

9th February 2024

Despite incumbent President Nayib Bukele declaring himself the winner of El Salvador’s election, days after polling the final results have not been verified. Problems with electronic voting, voting abroad suffering early closures and local issues have contributed to a chaotic ending. On election night, Bukele stated he had over 80% of the vote and would get 58 of 60 seats in the National Assembly. With 98.7% of votes tallied, Bukele’s Nuevas Ideas party won with 2.67 million votes. The next highest was FMLN with 201,705. The result is likely to be declared official on Friday morning. Regional Presidents and US authorities have called to congratulate Bukele on a re-election which critics say is constitutionally invalid. Some opponents have stated they are considering legal action once the results are published.

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Photo: Salvador Melendez/AP

26th January 2024

Guatemala has a new President in Bernardo Arévalo despite last minute efforts to scupper the change over. Congress met for over 14 hours in an effort to declare Semilla politicians independent and check documentation of incoming diputados. At five minutes to midnight, Arévalo took office with former President Alejandro Giammattei dropping off presidential material at Congress and becoming the first ex-President to miss the changeover. Three days later, the US removed Giammattei and his three adult childrens’ visas for “substantial acts of corruption”. Legal moves after the inauguration has led to Congress having a junta directiva without Semilla on it but their coalition will lead the legislative branch.

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Photo: JOHAN ORDONEZ/AFP VIA GETTY IMAGES

12th January 2024

President-elect Bernardo Arévalo looks likely to take over as the new Guatemala leader on 14 January. This follows months of protests, criminal investigations and high level diplomacy that culminated in blocking attempts to change the August electoral results. Last minute efforts to thwart the peaceful transition of power included the arrest of former interior minister David Napoelón Barrientos for not breaking October protests up, four arrest warrants against electoral magistrates remaining in effect and the Constitutional Court having to remind the Ministerio Publico that they cannot arrest individuals with the right to antejuicio. This thwarted plans to arrest the Vice-President elect, Karin Herrera.

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Photo Prensa Libre: Carlos Hernández

8th December 2023

After Panama’s Supreme Court ruled that Minera Panamá’s contract (Law 406) was unconstitutional, the country faces up to the fallout. At least 7,000 workers have had their contracts suspended, the mine’s owners Canadian firm First Quantum have announced a voluntary withdrawal that could take over 10 years to finish. The Minister of Commerce and Industry, Federico Alfaro Boyd has announced his resignation with Jorge Rivera Staff as his replacement. Arbitration between First Quantum and Panama has already begun with experts expecting a final bill of US$10-20bn. Although teachers have gone back to work, the prospect of protests carrying over into 2024’s election remains. JP Morgan has warned of profound repercussions on Panama’s ability to attract external investment going forward. Korea’s Mine Rehabilitation and Mineral Resources Corporation (KOMIR) owns 10% of Minera Panamá.

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Photo by: Reuters