Giammattei's announcement Tuesday came just two weeks after he welcomed Taiwan's President Tsai Ing-wen in Guatemala City, where she promised continued assistance for "democratic partners."
Tsai then traveled to neighboring Belize -- the only other Central American country to retain diplomatic ties with Taiwan since Honduras shifted its allegiance to China last month.
China considers self-ruled, democratic Taiwan part of its territory to be retaken one day, and does not allow other countries to recognize both Beijing and Taipei.
On Wednesday, Beijing warned Giammattei's government "not to help evildoers and go against the general global trend and aspirations of the Guatemalan people for their own benefit."
Foreign ministry spokesman Wang Wenbin told a regular briefing: "There is no path for Taiwan independence, and any move that ignores global trends and international justice, stubbornly sticking to wrong positions, is doomed to failure."
- War games -
Tsai's stopover in the United States -- and meeting there with House Speaker Kevin McCarthy -- irked Beijing, which bristles at any official diplomatic contact with the island.
In response, China staged three days of military exercises around Taiwan.
Giammattei, who reaffirmed Guatemala's "recognition of the sovereignty" of Taiwan, said the partner countries would sign an agreement to boost exports of Guatemalan coffee, sugar and other products.
Taiwan would also assist Guatemala with a fund for natural disasters, the president said, and provide $1.5 million for the air conditioning system at the airport in Guatemala City.
Taiwan had said that before Honduras decided to cut ties, it had asked for money, but Taipei would "not engage in a meaningless cash diplomacy contest with China."
Since the break with Honduras, only 13 places diplomatically recognize Taiwan.
In Latin America, Nicaragua shifted its allegiance to Beijing in 2021, El Salvador in 2018, Panama in 2017 and Costa Rica in 2007.
Giammattei said he would start a two-day visit to Taiwan on Saturday.
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