The Ministry of Economy and Finance (MEF) approved a contingent loan in favor of the Sustainable Growth and Finance Program, with the International Bank for Reconstruction and Development (IBRD) for up to US$750 million. The purpose of this is to provide support in the event of a disaster of natural or technological origin or in the event of an emergency situation or economic and/or financial crisis that occurs in Peru. Likewise, it will also allow obtaining financing under the modality of lines of credit, bonds, debt operations or other similar nature.
In detail, through Supreme Decree No. 300-2022-EF, it is established that the use of the loan is for three years, renewable for three additional years. Likewise, it is amortized in twenty-two semi-annual and consecutive installments: the first 21 installments are paid from December 2027 to 2037 at a percentage of 4.55%, while the last one is 4.45% in December 2038.
In the same way, it will accrue an interest rate based on the SOFR rate in dollars, plus a variable margin that must be determined by the IBRD itself, in accordance with its interest rate policy.
It should be noted that the loan is subject to an initial commission equivalent to 0.25% on the amount of the contingent credit and a stand-by commission (availability commission) of 0.50% per year also on the undisbursed amount of the loan.
Source: Larepublica
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