This Wednesday, the Ministry of Economy and Finance (MEF) reported that a loan for the State of up to US $ 500 million was approved by the Inter-American Development Bank (IDB).
Said resources will support policy reforms of the so-called “Program to Support the Fiscal and Economic Recovery of Peru”, and this contingent loan can be used within a period of three years, counted from the date of entry into force of the aforementioned contract, renewable for three more years.
The legal provision published in El Peruano specifies that in each disbursement request the amortization schedule will be determined that will not exceed a term of 20 years from the date of signing the loan contract, and may be modified in accordance with the policies of the IDB.
“Accrue an interest rate based on LIBOR for three months, plus a margin to be determined by the IDB in accordance with its policy on interest rates,” they add.
The MEF adds that an initial commission of 0.50% of the contingent loan amount will be paid; a renewal commission of 0.0% of the undisbursed balance of the contingent loan, which may be modified, if the term of use is renewed for three additional years; and an annual fund immobilization fee of 0.38% on the balance to be disbursed from the contingent loan, in accordance with IDB policies.
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