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A project to build a monorail system in Arequipa in southern Peru could cost up to US$1.1bn, private investment promotion agency ProInversión said at the BNamericas 5th South America Infrastructure Summit.
The project, currently under study, involves building a 14km monorail system designed to serve 1mn residents in the country's second largest city.
"The size of the investment has not yet been determined, but we estimate it could be around US$1.1bn," Yaco Rosas, ProInversión's investment promotions director, said at the summit in Bogotá.
If approved, ProInversión will open a 90-day period for companies to express interest in building and operating the monorail. The agency would launch a fast tender in the event that competition arises regarding the private initiative.
The project was filed by Brazilian construction company Queiroz Galvão.
It is expected to be awarded in the third quarter of 2015.