SOUTH AMERICA

China to invest $450m in Peru

7 years ago

In Peru, the regional governor of Ancash state, Juan Carlos Morillo Ulloa, has revealed that China Communication Construction Company (CCCC) is to invest more than $450m in an upgrade of the Port of Chimbote.

According to Mr Morillo, the new concession will involve modernisation of the port to allow larger vessels to call there. He also confirmed that this is a wholly “private initiative”.

Nevertheless, according to Peru’s Ministry of Transport and Communications, CCCC only presented its letter of intent in January, so the project is still being evaluated to see whether it will be self-sustaining. If it is, it will receive government approval within 60 days.

CCCC notes that the first phase of the upgrade will take two to three years to complete, depending on the outcome of certain studies and also how quickly the concession is awarded. The current plan is to build two specialist terminals, one of which will handle containers.