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Peru to finance education program with IDB US$75-million loan

14:19 | Lima, Sep. 5.

Peru's Economy and Finance Ministry (MEF) approved a foreign debt operation with the Inter-American Development Bank (IDB) of up to US$75 million.

The loan is intended to partially finance a program to improve quality and relevance of higher (university and technical) education services across the country.

According to Supreme Decree No. 201-2018-EF, published Wednesday in El Peruano official gazette, the operation is part in the 2018 Annual Program for Foreign Transactions and is carried out within the framework of the Public Sector Indebtedness Law.

The document describes the approval and conditions of the debt. For instance, the terms of the loan include six payments between April 2024 and October 2026.

Additionally, amortization, interests, fees, and other expenses arising from the debt operation shall be borne by the Economy and Finance Ministry, with budget resources allocated for public debt service.  

This legal instrument authorizes MEF, or its appointee, to sign the foreign debt contract on behalf of the Republic of Peru, as well as head of MEF General Directorate of Indebtedness and Public Treasury to ink the documents needed to complete such operation.

(END) ECS/CAN/RMB/MVB

Published: 9/5/2018
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