(Updates to add investments in third paragraph.)
Nov. 22 (Bloomberg) -- Peru is targeting $20.5 billion in infrastructure investment during the next five years including 7,000 kilometers of roads, two railways and an international airport, Transport Minister Carlos Paredes said.
The government is seeking investors for the projects, which are designed to support economic growth and ease poverty in the Andean nation, Paredes said today in en e-mailed statement.
About $11 billion will be spent on roads in Peru’s jungle and mountain regions, with the aim of having 85 percent of the country’s road network paved by 2016, Paredes said. A $5.3 billion railway will be built to link mining areas in the northern Andes with sea port of Bayovar. In the southern Andes, a $3 billion rail link will run between Andahuaylas and the San Juan de Marcona port to be built on the Pacific coast.
“We’re a country that requires investment to keep growing at fast rates, and that’s the only way out of poverty,” Finance Minister Miguel Castilla said today in an e-mailed statement. Peru will grow close to 7 percent this year, after expanding 8.8 percent in 2010, he said.
The Chincheros airport will be built in Cuzco at a cost of $450 million while $300 million will be spent on sea and river ports, Paredes said. Telecommunications projects over the next five years total $376 million, he said.
President Ollanta Humala, who took office July 28, is targeting infrastructure investments to spur exports of minerals and agricultural produce and help keep Peru’s annual growth rate above 6 percent economy during the next five years.
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