In order to foster strategies that speed up and decentralize public investment,
stated that it is necessary to boost the Works for Taxes (OxI) mechanism in various Peruvian regions.
At the forum "Works for Taxes: Engine and Opportunity for Development in La Libertad," held in Trujillo, the government official emphasized the importance of expanding the use of OxI, as it enables investments to be carried out more quickly and efficiently, leading to a direct positive impact on citizens' quality of life.
In this regard, she highlighted that Works for Taxes (OxI) is a Peruvian innovation that has been in place for 16 years, whose success has led to its adoption in Colombia and generated interest in various countries across the region.
Over 16 years, this mechanism has financed investments exceeding S/12 billion (above US$3.295 billion) in regional projects, with 79% of the funds coming from regional and local governments.
"It is a way to complete projects faster and with high quality, as private companies have the proper incentives to complete execution within the established timeframe and with the required quality," Miralles stated.
"The investment made by the company is only effective if it meets the agreed deadlines and quality standards," she added.
Moreover, the senior official stressed that OxI is being promoted at the highest levels of government, which is why the Alliance for Security was recently launched.
This initiative aims to have the private sector finance a portfolio of 62 projects worth S/2.7 billion (US$741 million), linked to combating crime and strengthening citizen security.
"There is great anticipation surrounding the OxI mechanism. For this reason, the Ministry of Economy and Finance is leading efforts in promotion, guidance, and technical assistance, in close coordination with the Private Investment Promotion Agency (ProInversion)," Miralles emphasized.
"This symbiotic relationship aims to provide timely support to both public and private stakeholders, in line with the open-door policy driven by Minister Jose Salardi’s administration," she concluded.