Announcement of Peru Privatization Technical Assistance Project on December 14, 1992

FOR IMMEDIATE RELEASE l World Bank 1818 H Street, N.W., Washington, D.C. 20433, U.S.A.* Telephone: (202) 477-1234 BANK NEWS RELEASE NO. 93/35 Contact: Antonio Pimenta-Neves Tel: (202) 473-8722 PERU: PRIVATIZATION TECHNICAL ASSISTANCE PROJECT The following is information on a project approved by the World Bank's Board. DATE: December 14, 1992 WORLD BANK GROUP SUPPORT: World Bank loan: $30 million. The World Bank loan is for 20 years, including five years of grace, with a variable interest rate, currently 7.60 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. This loan will not be disbursed until the government clears its arrears to the World Bank. TOTAL COST: $43.3 million OTHER PROPOSED FINANCING: Government of Peru, $6.8 million; Other agencies, $6.5 million IMPLEMENTING AGENCY: Commission for Promotion of Private Investment (COPRI) ESTIMATED COMPLETION DATE: 1996 PROJECT DESCRIPTION: The objective of the Privatization Technical Assistance Project is to assist the government in the preparation and implementation of its privatization program and related sectoral policy, legal, and regulatory reforms. The project will finance: (a) fixed-term staff and office support for the COPRI technical secretariat and special privatization committees; (b) domestic and international information and promotional campaigns for Peru's privatization program, and information programs to assist workers laid-off from state-owned enterprises; and (c) consulting services to assist with the preparation and implementation of privatization and related policy/regulatory reforms in mining, hydrocarbons, telecommunications, power, fisheries, air and urban transport, industry, water, and banking.