Announcement of Peru Energy and Mining Technical Assistance Loan on June 2, 1993

FOR IMMEDIATE RELEASE iWorld Bank 1818 H Street, N.W., Washington, D.C. 20433, U.S.A.* Telephone: (202) 477-1234 BANK NEWS RELEASE NO. 93/99 Contact: Antonio Pimenta-Neves Tel: (202) 473-8722 PERU: ENERGY AND MINING TECHNICAL ASSISTANCE LOAN The following is additional information about a project announced in the latest issue of World Bank News. DATE: June 3, 1993 WORLD BANK GROUP SUPPORT: World Bank loan: $11.8 million. The World Bank loan is for 20 years, including five years of grace, with a variable interest rate, currently 7.43 percent, linked to the cost of the Bank's borrowings. It also carries an annual commitment charge of 0.25 percent on the undisbursed balance. TOTAL COST: $17.5 million OTHER PROPOSED FINANCING: Government of Peru, $2.7 million; Japanese grants, $3 million IMPLEMENTING AGENCY: Ministry of Energy and Mines (MEM) ESTIMATED COMPLETION DATE: 1997 PROJECT DESCRIPTION: The objective of the Energy and Mining Technical Assistance Loan is to assist the Government of Peru in the institutional development of MEM and its related entities, in order to ensure their contri- bution towards economic stabilization and structural reform in the energy and mining sectors, particularly to the privatization effort. The project includes (a) consultancies for carrying out studies which will provide recommendations for MEM's institutional development, and implementation of the recommendations of these studies; (b) training programs for MEM and other relevant staff, in Peru and abroad; and (c) computer software and hardware, particularly to provide adequate statistical information to the market and to help HEM develop its policies.