Govt selects projects for new public works law

Thursday, December 9, 2010

Peru's regional and local governments have selected over 500 projects to be carried out under the public works tax law, of which nine projects are being developed and three are being launched with the support of three companies: Backus, Cementos Pacasmayo and Banco del Credito del Peru.

Application of the law will reach a potential 16mn soles (US$5.69mn) to execute public works throughout the country, Peru's economy and finance ministry said in a release.

The law allows private companies to finance and carry out the regional and local governments' public works projects, and later recuperate the investment through their income tax.

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The minister of economy and finance, Ismael Benavides, will on December 13 inaugurate the forum for the law, called "society and companies working together on the development of Peru's infrastructure," organized by the state agency for promoting investment, ProInversion.