17:08 | Lima, Jul. 15 (ANDINA).
Chavimochic multipurpose irrigation project is expected to contribute US$ 1.5 billion to the country's Gross Domestic Product (GDP) annually, accounting 30 percent of northeastern region La Libertad's GDP, Peru's Ministry of Economy and Finance said Monday.
Chavimochic is the world's biggest irrigation project to be executed with private-public partnership and its third phase will be awarded in November this year.
On Monday, Peru's private investment development agency (ProInversión) presented the project to 250 foreign and domestic investors.
The meeting was attended by Minister of Economy and Finance, Luis Miguel Castilla; Minister of Agriculture, Milton von Hesse; Regional President, José Murgia; and Executive Director of ProInversión, Javier Illescas.
"It is expected to generate 150,000 direct and permanent jobs during the execution of the three phases of the project," Castilla said.
He noted that investment in the third phase of Chavimochic will reach US$ 715 million, of which 373 million come from public sources and the rest from private sector.
The name Chavimochic comes from the first letters of the valleys of influence: Chao, Viru, Moche and Chicama.
(END) LVT/JPC/MOC
Published: 7/15/2013