US aims to pump Guatemala's private sector

The United States will pump $1 billion into Guatemala's private sector to spur investment and create jobs, the head of a U.S. government agency said on Wednesday.

The announcement came as the Central American country's new president, Alejandro Giammattei, has been meeting with U.S. officials this week to discuss how to attract investment to stimulate economic growth and contain migration to the United States, Reuters reports.