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Peru's state agency for the promotion of private investment, ProInversión, has awarded the Nuevo Mocupe-Cayaltí-Oyotún highway concession, in Lambayeque region, to the firm Obrainsa, state news agency Andina reported.
"This highway is considered a key development initiative for Lambayeque and its improvement will contribute to raising economic and social levels in the area," ProInversión director Luis Carlos Rodríguez said.
Obrainsa will sign a 15-year concession contract for the 47km highway and invest US$17.4mn in improvement and construction works.
Current conditions on the road are poor, which affects transport costs. The project is expected to increase competitiveness and attract new businesses, as well as providing access to rural communities.
Agriculture is the principal activity in the area, with rice, cotton, beans, wheat, coffee and sugar cane crops, among others. Cattle, sheep and pigs are also raised.