Peru accelerates highway project on $3.4 bln deal with Spain's Cintra

Peru's government awarded its biggest roadworks project in a decade with a $3.4 billion highway infrastructure concession to toll road operator Cintra, a subsidiary of Spanish construction giant Ferrovial, officials announced on Thursday. The concession for the planned 22-mile-long (35 km) highway, slated to connect 12 districts in Peru's congested capital of Lima, will give Cintra 30 years to operate the roads and recoup its investment, according to the government's investment promotion agency Proinversion.

Peru's government awarded its biggest roadworks project in a decade with a $3.4 billion highway infrastructure concession to toll road operator Cintra, a subsidiary of Spanish construction giant Ferrovial, officials announced on Thursday.

The concession for the planned 22-mile-long (35 km) highway, slated to connect 12 districts in Peru's congested capital of Lima, will give Cintra 30 years to operate the roads and recoup its investment, according to the government's investment promotion agency Proinversion. The government of President Dina Boluarte is seeking to boost the country's sluggish economic growth rate, after the economy fell into recession last year in its worst economic performance since the end of the last century, not counting the downturn from the COVID-19 pandemic.

At an event in Lima, the agency's executive director said the expected investment marks the country's largest in ten years for a road infrastructure project. A Cintra-led consortium, joined by the firms Acciona and Sacyr, will invest roughly $2.3 billion toward infrastructure and the remaining $1.1 billion toward securing land and other expenses.

Proinversion added that Cintra will design, build and operate the project's infrastructure, including tunnels and roadways, all aimed at easing the chaotic traffic in jam-packed Lima and nearby Callao, which together are home to some 10 million residents.

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