FRIDAY, MAY 11, 2007

Good morning. Thank you all for coming.

His Excellency Mr. Elias [el-E-us] Saca [Sa-ka], President of the Republic of El Salvador, it is a great honor to have you here with us today. On behalf of President Bush, I welcome you and your delegation to our nation's capitol.

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My counterpart in El Salvador, His Excellency, Mr. Jorge [Hor-hay] Nieto [Knee-et-oh], Minister of Public Works, Transportation and Housing and Urban Development: I am honored to be here with you on this special occasion.

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Vice Minister Francisco Vega, thank you. In January, you met with the Deputy Secretary at HUD. I appreciate all your efforts and kindness in working together with us.

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His Excellency Ambassador Rene Leon [Lay-own], thank you.

Robert Mosbacher [Moss-bah-ker], President of OPIC, it's a pleasure to have you here.

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To our good friends from El Salvador and other honored guests: welcome!

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The United States has a close and longstanding relationship with the nation of El Salvador. Over the course of the last two decades, we've watched El Salvador become a strong democracy, a free market model for other nations, and a trusted friend.

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I am pleased to announce that this visit has led to the Memorandum of Cooperation that we'll be signing here today. Through this document, the Republic of El Salvador and the United States of America announce our intention to collaborate and exchange information in the field of housing and community development.

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There's a great deal we can learn from each another…how best to design housing finance programs for low-income households, construct affordable housing, and establish urban and regional economic development programs.

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We made a good start by signing an M-O-C in June of 2001. Today's agreement will continue to expand and build upon that success.

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As you know, the Department of Housing and Urban Development has a strong friendship and long-standing relationship with El Salvador, which was strengthened in 2001. It was then that President Bush pledged to stand beside you.

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Fortunately those tragic and trying days have past, but the President and the Department of Housing and Urban Development want to say that we continue to stand beside the people of El Salvador.

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And the President is proving his commitment to the people of the Americas. Since taking office, the President has doubled U.S. foreign assistance to Latin America to about $1.6 billion per year.

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During his recent trip to Latin America, he spoke about an increase in funds to be used for better health care in the Americas, education initiatives that benefit disadvantaged youth, and initiatives to make it easier to start and grow small businesses, and help lower-income citizens to be able to purchase a home.

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These are funds that can be used to help the people of El Salvador and their neighbors.

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The Government of El Salvador's signing of a more than $460 million anti-poverty Millennium Challenge Corporation Compact is also a great opportunity to increase aid for education, health, and measures to combat poverty.

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It also provides great opportunities for the 1.5 million member Salvadorian community in the US, whose presence enriches and positively contributes to the social and cultural fabric of the United States.

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Again, I thank you all for being here today. The signing of today's Memorandum of Cooperation marks a new era in cooperation and information exchange that will lead to the betterment - and to an even greater partnership - for both our countries.

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I wish you all the best for a fulfilling remainder of your visit to the United States.

Thank you!