The Vice President of El Salvador, Mr. Félix Ulloa Jr., delivered the keynote address at the 9th High-Level Meeting of the Governing Board of the OECD Development Centre, where the Latin American Economic Outlook (LEO) report was unveiled. The event, held in Paris, featured a distinguished panel including France’s OECD Ambassador, Ms. Amélie de Montchalin; the EU’s Sustainable Development Policy Director, Mr. Luc Bagur; Spain’s Minister of Foreign Affairs, Mr. José Manuel Albares; Paraguay’s President, Mr. Santiago Peña Palacios; and Peru’s Prime Minister, Mr. Gustavo Adrianzén Olaya.
Vice President Ulloa highlighted El Salvador’s remarkable progress in public safety under President Nayib Bukele’s leadership and the Territorial Control Plan, which has drastically reduced crime rates. This achievement has positioned El Salvador as the safest nation in the Western Hemisphere, driving economic growth and attracting foreign investment.
Mr. Ulloa also emphasized the nation’s ongoing “economic miracle,” citing an economic upturn and a booming tourism sector that generated $3.8 billion in revenue. He further showcased El Salvador’s green transition, with 86% of its energy matrix now sourced from renewables, thanks to innovative energy policies.
A historic financial operation was another highlight of the address. El Salvador restructured $1.031 billion in debt, with savings earmarked for environmental conservation, water security, and ecosystem restoration in the Lempa River basin. JPMorgan served as the sole arranger, backed by $1 billion in political risk insurance from the U.S. International Development Finance Corporation and a $200 million standby letter of credit from AgendaCAF. “This landmark agreement secures the preservation of a critical ecosystem while strengthening the country’s financial position,” the Vice President stated.
During his visit, Mr. Ulloa met with key OECD officials, including Mr. Sebastián Nieto Parra and Ms. Olivia Cuq, who presented the Latin American Economic Outlook 2024: Financing Sustainable Development. He also discussed El Salvador’s next steps toward OECD membership with Mr. José Antonio Ardavín, head of the Latin America and Caribbean Division at the OECD. Talks included plans for a Memorandum of Understanding to deepen collaboration in areas such as investment, education, innovation, and competitiveness.
El Salvador’s active engagement at the OECD underscores its commitment to sustainable development and its aspirations for global economic integration.