Contingency credit may be used over a period of 3 years.
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The Government received a contingency loan of US$300 million for the Ministry of Economy and Finance (MEF) to execute in the event of a natural, technological disaster, economic or financial crisis that hits the country.
According to the standard published in El Peruano, The loan received from the Inter-American Development Bank (IDB) can be used for a period of three years with a charge to be renewed for another three years.
In each disbursement request during the period in question, an amortization schedule is determined that does not exceed 20 years from the signing of the loan, which can be modified with IDB policies.
The initial fee to be paid is 0.50% of the contingent loan. Likewise, there will be a renewal fee of 0.0% of the undisbursed balance that may be changed at the discretion of the IDB.
In addition, there is a funds freezing fee of 0.38% per year on the balance to be disbursed from the contingent loan.
Source: Larepublica
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