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Japan to lend Peru 85 mln USD for rural development

(Xinhua)

09:54, February 22, 2012

LIMA, Feb. 21 (Xinhua) -- Japan would provide 85 million U.S. dollars in loan for rural development in Peru, Economy and Finance Minister Luis Miguel Castilla said Tuesday.

Castilla said the money would be used to fight poverty and boost social inclusion in the Andean and Amazonian regions of the country's northeast.

Of the total, 50 million dollars would be earmarked for financing a project called "The Small and Medium Irrigation Infrastructure in Peru's Mountain Range" while the rest would go to another program called "The Clean Water and Sanitation for the Rural Amazon Region".

Castilla and Japanese Ambassador Masahiro Fukukawa had signed an agreement for the loan, which would be channelled through Japan's Agency for International Cooperation (JICA).

According to the terms of the deal, the loan will be payed off in 25 years with an interest rate of 1.7 percent after a 7-year grace period.

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