The initiative seeks to partially finance a digital transformation project in the Lima district of Miraflores.
The Ministry of Economy and Finance of Peru (MEF) approved an external debt operation to be agreed between the Andean country and the Inter-American Development Bank (IDB) for up to US$ 50 million.
The measure was made official this Thursday through a supreme decree, published in the Legal Standards Bulletin of the Official Gazette El Peruano .
The resources will be used to partially finance the investment project "Improvement and Expansion of Institutional Operational or Missionary Services in the Presidency of the Council of Ministers, through the Secretariat of Government and Digital Transformation - Digital Transformation with Equity, Miraflores District of the Province of Lima of the Department of Lima".
The law details that the debt cancellation period is 15 years, counted from the date of signing the loan contract, through consecutive and, if possible, equal semiannual installments, the first of which expires 72 months from from the date of entry into force of the loan contract and the latest, at the latest, on the final repayment date.
The external debt operation accrues an interest 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 indebtedness is subject to a credit commission on the undisbursed balance of the loan, which is established periodically, in accordance with the applicable provisions of the IDB policy, without exceeding 0.75% annually.
It is also specified that the executing unit of the investment project will be the Presidency of the Council of Ministers (PCM).
In addition, the Minister of Economy and Finance, or whomever he designates, is authorized to sign on behalf of Peru the loan contract for the external debt operation, as well as the general director of the General Directorate of the Public Treasury of the MEF to sign the documents required to implement the aforementioned operation.
