Peru will receive a credit of up to €300 million (US$325.08 million) from Germany’s KfW Development Bank to support a digital transformation program, the government announced on Saturday.
The 15-year loan carries a 6-month Euribor interest rate plus a fixed margin, according to the official government gazette. However, details of the digital transformation program have not been released.
Peru’s economy is performing well, with the economy minister, Jose Arista, estimating growth between 4.5% and 5% year-on-year in May. However, the country has been grappling with several corruption scandals in recent years.
Despite these challenges, Peru remains a significant player in the global economy, being the world’s third-largest producer of copper. The new loan from KfW is expected to contribute to further economic growth by facilitating digital innovation and modernization across various sectors.