In July 2024, Peru secured a €300 million credit from Germany’s KfW Development Bank to fund an ambitious digital transformation program. This initiative represents a significant step towards modernizing the country’s digital infrastructure, fostering technological innovation, and enhancing its appeal to international businesses.
The credit agreement is set for a 15-year term at a 6-month Euribor rate plus a fixed margin. Although specific details of the digital transformation program have yet to be disclosed, the funding is expected to support critical areas such as:
- Expanding broadband internet access to rural and underserved areas.
- Promoting e-governance to improve public sector efficiency and transparency.
- Encouraging the adoption of digital technologies in businesses and educational institutions.
Peru’s Minister of Economy and Finance highlighted the strategic importance of this investment, stating, “This funding will help us bridge the digital divide and position Peru as a competitive player in the global digital economy.”
The initiative aligns with Peru’s broader economic strategy to integrate advanced technologies and attract foreign investments, particularly in high-tech industries. It also underscores the country’s commitment to achieving sustainable development through technological advancement.
This credit from KfW is part of a growing trend of international collaborations aimed at supporting Latin America’s digital transformation. As Peru implements this program, it is poised to strengthen its global standing and open new opportunities for international business partnerships.