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IDB, the Japan International Cooperation Agency (JICA) and Swiss cooperation and development agency Cosude will provide Peru's environment ministry (Minam) with a US$76mn loan to improve solid waste management in 31 cities nationwide.
The 30-year loan is expected to be utilized beginning this year through 2012, state news agency Andina reported.
National environment fund Fonam is in the final stages of reviewing studies for the waste management initiative, with the aim of finalizing the loan contract by June.
"If this is accomplished, the tenders to provide various services under the program will be carried out by the next government," said Fonam director Julia Justo.
This is the first time the central government has addressed the issue of solid waste, as it has previously relied on municipalities to tackle the issue.
"Due to the level of contamination in the country at present, we believe it is up to the central government and Minam," Justo said.
Peru currently has just eight sanitary landfills in the country, of which half are in Lima. A Fonam study has shown the country requires some US$600mn to effectively tackle solid waste management.