Resources will be allocated to the Mivivienda Fund.
Peru's Ministry of Economy and Finance (MEF) approved a US$300 million external debt transaction between the Republic of Peru and the Inter-American Development Bank (IDB). The transaction will finance the "Program to Promote Social Housing in Peru," which will be implemented by the Mivivienda Fund.
A Supreme Decree published today in the official newspaper El Peruano establishes that the repayment period for foreign debt operations is 11 and a half years, starting from the date the loan contract is signed, through consecutive semiannual installments. This period includes a seven-year grace period.
The external borrowing operation accrues interest at a rate based on the SOFR rate, plus a margin to be determined by the IDB, in accordance with its interest rate policy.
The aforementioned external debt is subject to a credit fee on the undisbursed balance of the loan, which is established periodically, in accordance with the applicable provisions of IDB policy, but not to exceed 0.75% per year.
During the disbursement period, there is no inspection and oversight fee, unless the IDB reimburses it, in which case it cannot be charged in any given semester more than 1% of the loan amount, divided by the number of semesters included in the original disbursement period.
The regulation authorizes the Ministry of Economy and Finance, through the Directorate General of the Public Treasury, to exercise the Currency Conversion, Interest Rate Conversion, Commodity Conversion, and Catastrophe Protection Conversion Facilities.
The Ministry of Finance (MEF) is also authorized to sign, on behalf of the Republic of Peru, the loan agreement for the external debt operation, and the Ministry of Finance's General Treasury Directorate is authorized to sign the documents required to implement the operation.
The amortization, interest, commissions, and other expenses incurred by the external debt operation are covered by the Ministry of Economy and Finance (MEF), using the funds transferred for this purpose by the Mivivienda Fund.
