Peru gets 300 million euros credit from German bank KfW for digital transformation

Peru gets 300 million euros credit from German bank KfW for digital transformation

Peru's government said on Saturday that it would receive a credit of up to 300 million euros ($325.08 million) from the German bank KfW Development Bank to spend on a digital transformation program.

The credit is for 15 years and will be charged a 6-month Euribor rate, plus a fixed margin, according to the official government gazette.

It did not publish details of the digital transformation program.

Peru's economy grew between 4.5% and 5% year-on-year in May, Jose Arista, the country's economy minister estimated.

Rocked by several corruption scandals over the past years, Peru is the world's third largest producer of copper.