YLAI will award 250 fellowships each year to eligible youth leaders for training and mentorship in the region, according to the White House.
YLAI will also create 50 business and civil society partnerships every year for emerging business and civil society leaders.
The Initiative builds on another effort by President Obama, 100,000 Strong in the Americas, which aims to increase education exchanges between the United States and South American countries.
"These investments will help young people in unemployed, impoverished and marginalized communities [and will] give them a chance to gain the skills they need to compete and succeed in the 21st century economy,” Obama said on Thursday.
Earlier on Thursday, Obama met with Caribbean leaders as part of the Caribbean Community (CARICOM) summit in Jamaica to discuss expanding energy security and efficiency cooperation between the region and the United States.
Obama’s visit to Jamaica comes ahead of the Summit of Americas meeting in Panama between April 10 and 11.
