WASHINGTON – The Board of Executive Directors of the Inter-American Development Bank (IDB) has approved a $100 million loan to increase business productivity in Peru through investments in innovation.
The plan aims to boost investment in innovation, finance the growth of new ventures, reduce technological gaps among micro, small, and medium-sized enterprises (MSMEs), promote greater private financing, and expand these opportunities to all regions of the country. The goal is to raise the productivity of Peru’s SMEs, which is significantly lower than that of large companies in the country and compared to their OECD counterparts.
The program is the second individual operation under the Conditional Credit Line for Investment Projects (CCLIP) “Sectoral Innovation Program,” which seeks to increase business productivity nationwide.
The initiative will benefit more than 135,000 MSMEs with potential to invest in innovation, as well as 5,000 innovative startups.
This program will be implemented by the Ministry of Production through the National Program for Technological Development and Innovation (PROINNOVATE) and is aligned with the IDB Group’s Country Strategy with Peru 2022–2026, which prioritizes productive development, environmental sustainability, and digital transformation.
The IDB’s specific investment financing will have an amortization period of 17.6 years, a grace period of seven years, and an interest rate based on SOFR. The program will also include a local counterpart of $22 million, for a total of $122 million.
About the IDB
The Inter-American Development Bank (IDB), a member of the IDB Group, is devoted to improving lives across Latin America and the Caribbean. Founded in 1959, the Bank works with the region’s public sector to design and enable impactful, innovative solutions for sustainable and inclusive development. Leveraging financing, technical expertise, and knowledge, it promotes growth and well-being in 26 countries. Visit our website: https://www.iadb.org/en.
Andres Cavelier
