The World Bank Group (WBG) will contribute to financing Peru's State-run National Science and Technology Council (Concytec) research and development projects to improve companies' productivity and achieve sustainable development.
Earlier this month, the Executive Branch approved the implementation of Concytec's National Science, Technology and Innovation System Upgrading Project.
Financing will total US$100 million and is to be executed over the next 4 years, Concytec President Gisella Orjeda announced on Wednesday.
From the total US$45 million correspond to a loan from WBG.
The initiative is made up of several components. One of them is improving the laws governing the country's National Science, Technology and Innovation System.
"We need responsible research conduct and ethics laws. In general, all aspects relate to governance and upgrading public research institutes," Orjeda said.
Other components include building ties between Peru's emerging industry and academia, as well as financing funds.
"This [financing funds] is the most relevant component. It reaches US$75 million and is to be awarded through tenders," she pointed out.
Likewise, the Concytec head informed the institution relies on a S/85-million (about US$25.35 million) budget.
"This year, we are working on raising additional funds," Orjeda concluded.
World Bank support
The Peruvian government approved the US$45-million foreign debt transaction with WBG through a supreme decree published in El Peruano official gazette.
The loan will have a maturity period of four years and a repayment period of six years, with a five-year grace period.
(END) SDD/MDV/DHT/MVB